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Valuing Ecosystems: A Methodological Applying Approach

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Isabel Mendes

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Abstract

This paper describes and discusses the framework of ecosystem valuation. Following utilitarianism and capital asset analogy, the concept of ecosystem value can be defined and quantified by using individual preference-based techniques rooted in welfare economics, namely, stated individual preference techniques like Contingent Valuation. Several controversial questions arise while computing the value of an ecosystem, using the utilitarianism and the capital asset analogy. This is due to the particular ecosystem's natural specificities and limitations of the economic theoretical framework. This paper analyzes some controversial questions and assesses the practices followed by common practitioners to overcome the theoretical and technical difficulties.

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Publisher Info
Article provided by Icfai Press in its journal The Icfai University Journal of Environmental Economics.

Volume (Year): IV (2006)
Issue (Month): 2 (May)
Pages: 7-34
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Handle: RePEc:icf:icfjee:v:04:y:2006:i:2:p:7-34

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  3. Nunes, Paulo A. L. D. & van den Bergh, Jeroen C. J. M., 2001. "Economic valuation of biodiversity: sense or nonsense?," Ecological Economics, Elsevier, vol. 39(2), pages 203-222, November. [Downloadable!] (restricted)
  4. Hanemann, W Michael, 1991. "Willingness to Pay and Willingness to Accept: How Much Can They Differ?," American Economic Review, American Economic Association, vol. 81(3), pages 635-47, June. [Downloadable!] (restricted)
  5. Richard Carson & Robert Mitchell & Michael Hanemann & Raymond Kopp & Stanley Presser & Paul Ruud, 2003. "Contingent Valuation and Lost Passive Use: Damages from the Exxon Valdez Oil Spill," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(3), pages 257-286, July. [Downloadable!] (restricted)
  6. Loewenstein, George & Thaler, Richard H, 1989. "Intertemporal Choice," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 181-93, Fall. [Downloadable!] (restricted)
  7. Weitzman, Martin L., 1998. "Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 201-208, November. [Downloadable!] (restricted)
  8. Thaler, Richard, 1981. "Some empirical evidence on dynamic inconsistency," Economics Letters, Elsevier, vol. 8(3), pages 201-207. [Downloadable!] (restricted)
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  10. Lankford, R. Hamilton, 1988. "Measuring welfare changes in settings with imposed quantities," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 45-63, March. [Downloadable!] (restricted)
  11. Heal, G., 1998. "Valuing the Future: Economic Theory and Sustainability," Papers 98-10, Columbia - Graduate School of Business.
  12. Isabel Mendes, 2003. "Pricing Recreation use of National Parks for an efficient Nature Conservation and Application to the Portuguese case," Working Papers 2003/08, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
  13. Portney, Paul R, 1994. "The Contingent Valuation Debate: Why Economists Should Care," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 3-17, Fall. [Downloadable!] (restricted)
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  15. Harvey, Charles M., 1994. "The reasonableness of non-constant discounting," Journal of Public Economics, Elsevier, vol. 53(1), pages 31-51, January. [Downloadable!] (restricted)
  16. Randall, Alan & Stoll, John R, 1980. "Consumer's Surplus in Commodity Space," American Economic Review, American Economic Association, vol. 70(3), pages 449-55, June. [Downloadable!] (restricted)
  17. Willig, Robert D, 1976. "Consumer's Surplus without Apology," American Economic Review, American Economic Association, vol. 66(4), pages 589-97, September. [Downloadable!] (restricted)
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