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On the Economic Value of Ecosystem Services

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Author Info
Mark Sagoff
Abstract

The 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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Publisher Info
Article provided by White Horse Press in its journal Environmental Values.

Volume (Year): 17 (2008)
Issue (Month): 2 (May)
Pages: 239-257
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Handle: RePEc:env:journl:ev17:ev1713

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Web page: http://www.erica.demon.co.uk

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Related research
Keywords: 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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This page was last updated on 2009-12-2.

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