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Ecosystem services from agriculture: Steps for expanding markets

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Author Info

  • Ribaudo, Marc
  • Greene, Catherine
  • Hansen, LeRoy
  • Hellerstein, Daniel

Abstract

Farmers in the United States produce a wide variety of commodities for food and fiber. Farmers can also produce a variety of non-commodity ecosystem services for which markets do not exist or are imperfectly formed. Such services may be valued by society, but due to their nature or institutional arrangements, farmers often do not receive a price signal for them. This results in inefficient allocations of resources, in that farmers under-produce non-commodity ecosystem services. One possible way to increase private investment in ecosystem services is to create a market for them. We draw lessons from six different markets for providing ecosystem services from farms (water quality trading, wetland mitigation, carbon cap-and-trade, over-the-counter carbon, eco-labeling, and fee hunting) on what is required for a market to function, and the problems these markets might face.

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Bibliographic Info

Article provided by Elsevier in its journal Ecological Economics.

Volume (Year): 69 (2010)
Issue (Month): 11 (September)
Pages: 2085-2092

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Handle: RePEc:eee:ecolec:v:69:y:2010:i:11:p:2085-2092

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Web page: http://www.elsevier.com/locate/ecolecon

Related research

Keywords: Ecosystem service Market Social good Demand;

References

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  1. Murtough, Greg & Aretino, Barbara & Matysek, Anna, 2002. "Creating Markets for Ecosystem Services," Staff Research Papers 31912, Productivity Commission.
  2. Zeuli, Kimberly A. & Skees, Jerry R., 2000. "Will Southern Agriculture Play A Role In A Carbon Market?," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(02), August.
  3. de Groot, Rudolf S. & Wilson, Matthew A. & Boumans, Roelof M. J., 2002. "A typology for the classification, description and valuation of ecosystem functions, goods and services," Ecological Economics, Elsevier, vol. 41(3), pages 393-408, June.
  4. Abler, David G. & Shortle, James S., 1991. "The Political Economy Of Water Quality Protection From Agricultural Chemicals," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 20(1), April.
  5. Ribaudo, Marc O. & Heimlich, Ralph & Claassen, Roger & Peters, Mark, 2001. "Least-cost management of nonpoint source pollution: source reduction versus interception strategies for controlling nitrogen loss in the Mississippi Basin," Ecological Economics, Elsevier, vol. 37(2), pages 183-197, May.
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  7. Bohm, Peter & Russell, Clifford S., 1985. "Comparative analysis of alternative policy instruments," Handbook of Natural Resource and Energy Economics, in: A. V. Kneeseā€  & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 1, chapter 10, pages 395-460 Elsevier.
  8. Sandhu, Harpinder S. & Wratten, Stephen D. & Cullen, Ross & Case, Brad, 2008. "The future of farming: The value of ecosystem services in conventional and organic arable land. An experimental approach," Ecological Economics, Elsevier, vol. 64(4), pages 835-848, February.
  9. Matthew J. Kotchen, 2006. "Green Markets and Private Provision of Public Goods," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 816-845, August.
  10. Stavins, Robert N., 2005. "Lessons Learned from SO2 Allowance Trading," Choices, Agricultural and Applied Economics Association, vol. 20(1).
  11. Brown, Dennis M. & Reeder, Richard J., 2007. "Farm-Based Recreation: A Statistical Profile," Economic Research Report 56445, United States Department of Agriculture, Economic Research Service.
  12. Ribaudo, Marc & Hansen, LeRoy T. & Hellerstein, Daniel & Greene, Catherine R., 2008. "The Use of Markets To Increase Private Investment in Environmental Stewardship," Economic Research Report 56473, United States Department of Agriculture, Economic Research Service.
  13. Greg Murtough & Barbara Aretino & Anna Matysek, 2002. "Creating markets for ecosystem services," Urban/Regional 0207001, EconWPA.
  14. Ribaudo, Marc, 2009. "Agriculture and Water Quality Trading: Exploring the Possibilities," Amber Waves, United States Department of Agriculture, Economic Research Service, March.
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Cited by:
  1. Smith, Helen F. & Sullivan, Caroline A., 2014. "Ecosystem services within agricultural landscapesā€”Farmers' perceptions," Ecological Economics, Elsevier, vol. 98(C), pages 72-80.

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