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On the Productive Value of Biodiversity

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  • Jean-Paul Chavas

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Abstract

The paper investigates the value of biodiversity as it relates to the productive value of services provided by an ecosystem. It analyzes how the value of an ecosystem can be "greater than the sum of its parts." First, it proposes a general measure of the value of biodiversity. Second, this measure is decomposed into four components, reflecting the role of complementarity, scale, convexity, and catalytic effects. This provides new information on the sources and determinants of biodiversity value. Third, the paper examines the role of uncertainty. In this context, the role of risk and of downside-risk exposure and their effects on the value of biodiversity are explored. This provides useful insights on how management and policy decisions can affect the value of biodiversity.

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File URL: http://hdl.handle.net/10.1007/s10640-008-9206-z
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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 42 (2009)
Issue (Month): 1 (January)
Pages: 109-131

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Handle: RePEc:kap:enreec:v:42:y:2009:i:1:p:109-131

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: Biodiversity; Productive value; Complementarity; Scale; Convexity; Catalytic effect; D6; Q2; Q5;

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References

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  1. Montgomery Claire A. & Brown Jr. , Gardner M. & Adams Darius M., 1994. "The Marginal Cost of Species Preservation: The Northern Spotted Owl," Journal of Environmental Economics and Management, Elsevier, vol. 26(2), pages 111-128, March.
  2. Derek Byerlee & Edward Souza, 1997. "Wheat Rusts and the Costs of Genetic Diversity in the Punjab of Pakistan," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(3), pages 726-737.
  3. Antle, John M, 1983. "Testing the Stochastic Structure of Production: A Flexible Moment-based Approach," Journal of Business & Economic Statistics, American Statistical Association, vol. 1(3), pages 192-201, July.
  4. Polasky Stephen & Solow Andrew R., 1995. "On the Value of a Collection of Species," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 298-303, November.
  5. Brock,W. & Xepapadeas,A., 2001. "Valuing biodiversity from an economic perspective : a unified economic, ecological and genetic approach," Working papers 17, Wisconsin Madison - Social Systems.
  6. Melinda Smale & Jason Hartell & Paul W. Heisey & Ben Senauer, 1998. "The Contribution of Genetic Resources and Diversity to Wheat Production in the Punjab of Pakistan," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(3), pages 482-493.
  7. Smale, M. & Meng, E. & Brennan, J. P. & Hu, Ruifa, 2003. "Determinants of spatial diversity in modern wheat: examples from Australia and China," Agricultural Economics, Blackwell, vol. 28(1), pages 13-26, January.
  8. Menezes, C & Geiss, C & Tressler, J, 1980. "Increasing Downside Risk," American Economic Review, American Economic Association, vol. 70(5), pages 921-32, December.
  9. Chambers, Robert G. & Chung, Yangho & Fare, Rolf, 1996. "Benefit and Distance Functions," Journal of Economic Theory, Elsevier, vol. 70(2), pages 407-419, August.
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Cited by:
  1. Elena Ojea & Paulo Nunes & Maria Loureiro, 2010. "Mapping Biodiversity Indicators and Assessing Biodiversity Values in Global Forests," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 47(3), pages 329-347, November.
  2. Chavas, Jean-Paul, . "On the economics of agricultural production," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society.

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