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Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach Author info | Abstract | Publisher info | Download info | Related research | Statistics William A. Brock
Anastasios Xepapadeas
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We develop a conceptual framework for valuing biodiversity from an economic perspective. We argue for a dynamic economic welfare measure of biodiversity that complements the literature on benefit-cost approaches and genetic distance/phylogenic tree approaches. Using a unified model of optimal economic management of an ecosystem under ecological and genetic constraints, we identify gains from management policies leading to a more diverse system, using the Bellman state valuation function of the problem. We show that a more diverse system could attain a higher value although the genetic distance of the species in the more diverse system could be almost zero.
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Article provided by American Economic Association in its journal American Economic Review .
Volume (Year): 93 (2003)
Issue (Month): 5 (December)
Pages: 1597-1614
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Handle: RePEc:aea:aecrev:v:93:y:2003:i:5:p:1597-1614Contact details of provider: Email: Web page: http://www.aeaweb.org/aer/ More information through EDIRC
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Paper William Brock & Anastasios Xepapadeas, .
"Valuing Biodiversity from an Economic Perspective: AUnified Economic, Ecological and Genetic Approach ,"
Working Papers
0301, University of Crete, Department of Economics.
[Downloadable!] William Brock & Anastasios Xepapadeas, 2001.
"Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological and Genetic Approach ,"
Working Papers
0102, University of Crete, Department of Economics.
[Downloadable!] References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Weitzman, Martin L, 1992.
"On Diversity ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 107(2), pages 363-405, May.
[Downloadable!] (restricted)
Other versions: Brown, Gardner M, Jr & Shogren, Jason F, 1998.
"Economics of the Endangered Species Act ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 12(3), pages 3-20, Summer.
[Downloadable!] (restricted)
repec:cup:macdyn:v:6:y:2002:i:1:p:19-39 is not listed on IDEAS
Andrew Metrick & Martin L. Weitzman, 1998.
"Conflicts and Choices in Biodiversity Preservation ,"
Harvard Institute of Economic Research Working Papers
1836, Harvard - Institute of Economic Research.
Other versions: Weitzman, Martin L, 1993.
"What to Preserve? An Application of Diversity Theory to Crane Conservation? ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 108(1), pages 157-83, February.
[Downloadable!] (restricted)
Terrance M. Hurley & Silvia Secchi & Bruce A. Babcock, 1999.
"Managing the Risk of European Corn Borer Resistance to Transgenic Corn: An Assessment of Refuge Recommendations ,"
Center for Agricultural and Rural Development (CARD) Publications
99-sr88, Center for Agricultural and Rural Development (CARD) at Iowa State University.
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Other versions: Montgomery, Claire A. & Pollak, Robert A. & Freemark, Kathryn & White, Denis, 1999.
"Pricing Biodiversity ,"
Journal of Environmental Economics and Management ,
Elsevier, vol. 38(1), pages 1-19, July.
[Downloadable!] (restricted)
Amy Craft & R. Simpson, 2001.
"The Value of Biodiversity in Pharmaceutical Research with Differentiated Products ,"
Environmental & Resource Economics ,
European Association of Environmental and Resource Economists, vol. 18(1), pages 1-17, January.
[Downloadable!] (restricted)
Martin L. Weitzman, 2000.
"Economic Profitability Versus Ecological Entropy ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 115(1), pages 237-263, February.
[Downloadable!] (restricted)
Klaus Nehring & Clemens Puppe, 2002.
"A Theory of Diversity ,"
Econometrica ,
Econometric Society, vol. 70(3), pages 1155-1198, May.
[Downloadable!] (restricted)
Chuan-Zhong Li & Karl-Gustaf Löfgren & Martin Weitzman, 2001.
"Harvesting versus Biodiversity: An Occam's Razor Version ,"
Environmental & Resource Economics ,
European Association of Environmental and Resource Economists, vol. 18(4), pages 355-366, April.
[Downloadable!] (restricted)
Stephen Polasky & Andrew Solow & James Broadus, 1993.
"Searching For Uncertain Benefits and the Conservation Of Biological Diversity ,"
Boston College Working Papers in Economics
208, Boston College Department of Economics.
Bernhard, Pierre, 2002.
"Survey Of Linear Quadratic Robust Control ,"
Macroeconomic Dynamics ,
Cambridge University Press, vol. 6(01), pages 19-39, February.
[Downloadable!]
Simpson, R David & Sedjo, Roger A & Reid, John W, 1996.
"Valuing Biodiversity for Use in Pharmaceutical Research ,"
Journal of Political Economy ,
University of Chicago Press, vol. 104(1), pages 163-85, February.
[Downloadable!] (restricted)
Stephen Polasky & Andrew Solow & James Broadus, 1993.
"Searching for uncertain benefits and the conservation of biological diversity ,"
Environmental & Resource Economics ,
European Association of Environmental and Resource Economists, vol. 3(2), pages 171-181, April.
[Downloadable!] (restricted)
Martin L. Weitzman, 1998.
"The Noah's Ark Problem ,"
Econometrica ,
Econometric Society, vol. 66(6), pages 1279-1298, November.
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
van Dusen, Eric & Gauchan, Devendra & Smale, Melinda, 2005.
"On farm conservation of rice biodiversity in Nepal ,"
2005 Annual meeting, July 24-27, Providence, RI
19210, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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William Brock & Anastasios Xepapadeas, 2004.
"Ecosystem Management in Models of Antagonistic Species Coevolution ,"
Working Papers
0503, University of Crete, Department of Economics.
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Michael Rauscher & Edward B. Barbier, 2007.
"Biodiversity and Geography ,"
Thuenen-Series of Applied Economic Theory
79, University of Rostock, Institute of Economics, Germany.
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Other versions: Nagarajan, Latha & Smale, Melinda & Glewwe, Paul, 2005.
"Local Seed Markets and the Determinants of Crop Variety Diversity in Marginal Environments: The Case of Millet in Semi-Arid India ,"
2005 Annual meeting, July 24-27, Providence, RI
19445, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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Jeroen Bergh, 2007.
"Evolutionary thinking in environmental economics ,"
Journal of Evolutionary Economics ,
Springer, vol. 17(5), pages 521-549, October.
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Guttormsen, Atle G. & Kristofersson, Dadi & Navdal, Eric, 2005.
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2005 Annual meeting, July 24-27, Providence, RI
19354, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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Chavas, Jean-Paul, 2006.
"On the Productive Value of Biodiversity ,"
2006 Annual meeting, July 23-26, Long Beach, CA
21280, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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Other versions: Michele Baggio & Jean-Paul Chavas, 2006.
"On the Consumer Value of Environmental Diversity ,"
Working Papers
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Boyd, James & Banzhaf, H. Spencer, 2005.
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