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The Value of Nature to Our Health and Economic Well-Being: A Framework with Application to Elephants and Whales

In: Economic Challenges for Europe After the Pandemic

Author

Listed:
  • Ralph Chami

    (International Monetary Fund)

  • Thomas Cosimano

    (Blue Green Future)

  • Connel Fullenkamp

    (Duke University)

  • Fabio Berzaghi

    (Laboratory for Sciences of Climate and Environment (LSCE) - UMR, CEA/CNRS/UVSQ)

  • Sonia Español-Jiménez

    (Fundación Centro MERI)

  • Milton Marcondes

    (Baleia Jubarte)

  • Jose Palazzo

    (Baleia Jubarte)

Abstract

We develop a framework for natural resource valuation that directly addresses the fundamental collective action problem in environmental protection. Our framework uses the lessons of behavioral economics to create values that individual decision makers find credible and relatable, in addition to stimulating excitement or concern that is essential to prompting action. We then apply this framework to value forest elephants in Africa and great whales that are found off the coasts of Brazil and Chile. The values we estimate for individual members of these species are significant: $1.75 million per forest elephant and an average of $2 million per whale. We discuss how our valuations lead to new designs for environmental preservation and restoration policies.

Suggested Citation

  • Ralph Chami & Thomas Cosimano & Connel Fullenkamp & Fabio Berzaghi & Sonia Español-Jiménez & Milton Marcondes & Jose Palazzo, 2022. "The Value of Nature to Our Health and Economic Well-Being: A Framework with Application to Elephants and Whales," Springer Proceedings in Business and Economics, in: Luigi Paganetto (ed.), Economic Challenges for Europe After the Pandemic, pages 117-162, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-10302-5_7
    DOI: 10.1007/978-3-031-10302-5_7
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    More about this item

    Keywords

    D62; G12; G41; Q5; Q54; Q57;
    All these keywords.

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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