On the Economic Value of Ecosystem Services
AbstractThe productive services of nature, such as the ability of fertile soil to grow crops, receive low market prices not because markets fail but because many natural resources, such as good cropland, are abundant relative to effective demand. Even when one pays nothing for a service such as that the wind provides in pollinating crops, this is its 'correct' market price if the supply is adequate and free. The paper argues that ecological services are either too 'lumpy' to price in incremental units (for example, climatic systems), priced competitively, or too cheap to meter. The paper considers counter-examples and objections.
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Bibliographic InfoArticle provided by White Horse Press in its journal Environmental Values.
Volume (Year): 17 (2008)
Issue (Month): 2 (May)
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Web page: http://www.erica.demon.co.uk
Ecosystems; valuation; economics;
Find related papers by JEL classification:
- D4 - Microeconomics - - Market Structure and Pricing
- D6 - Microeconomics - - Welfare Economics
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
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- Jean-Michel Salles, 2011. "Valuing biodiversity and ecosystem services: why linking economic values with Nature?," Working Papers 11-24, LAMETA, Universtiy of Montpellier, revised Dec 2011.
- Seth D. Baum, 2012. "Value Typology in Cost-Benefit Analysis," Environmental Values, White Horse Press, vol. 21(4), pages 499-524, November.
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