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Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological and Genetic Approach

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  • William Brock

    ()
    (University of Wisconsin, Department of Economics, USA)

  • Anastasios Xepapadeas

    ()
    (Department of Economics, University of Crete, Greece)

Abstract

We develop a conceptual framework for valuing bioversity from an economic perspective. We consider bioversity important because of a number of characteristics or services that it provided of enhances. We attribute bioversity loss to economic activities related to decisions of private optimizing agents that ignore useful characteristics or services associated ecosystems. Using a unified model of economic management of an ecosystem under ecological and genetic constrains, we compare the optimal value of the social optimization problem where positive externalities associated with bioversity are internalized, to that of a private optimization problem. We obtain an endogenous measure of the bioversity value and relate this measure to ecologically/biologically oriented bioversity metrics (special richness, Shannon or Simpson indices) that correspond to the equilibrium diversities of the social and private optimization problems.

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Bibliographic Info

Paper provided by University of Crete, Department of Economics in its series Working Papers with number 0102.

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Length: 34 pages
Date of creation: 19 Aug 2001
Date of revision:
Handle: RePEc:crt:wpaper:0102

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  1. Solow Andrew & Polasky Stephen & Broadus James, 1993. "On the Measurement of Biological Diversity," Journal of Environmental Economics and Management, Elsevier, vol. 24(1), pages 60-68, January.
  2. Weitzman, Martin L., 2000. "Economic Profitability Versus Ecological Entropy," Scholarly Articles 3693703, Harvard University Department of Economics.
  3. Weitzman, Martin L, 1992. "On Diversity," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 363-405, May.
  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.
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  6. Simpson, R David & Sedjo, Roger A & Reid, John W, 1996. "Valuing Biodiversity for Use in Pharmaceutical Research," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 163-85, February.
  7. Montgomery, Claire A. & Pollak, Robert A. & Freemark, Kathryn & White, Denis, 1999. "Pricing Biodiversity," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 1-19, July.
  8. Nehring,K. und C.Puppe, 1999. "A Theory of Diversity," Discussion Paper Serie A 605, University of Bonn, Germany.
  9. Dasgupta, Partha & M Ler, Karl-G Ran, 2000. "Net national product, wealth, and social well-being," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 69-93, February.
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  11. repec:cup:macdyn:v:6:y:2002:i:1:p:19-39 is not listed on IDEAS
  12. Amy Craft & R. Simpson, 2001. "The Value of Biodiversity in Pharmaceutical Research with Differentiated Products," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 18(1), pages 1-17, January.
  13. Andrew Metrick & Martin L. Weitzman, 1998. "Conflicts and Choices in Biodiversity Preservation," Harvard Institute of Economic Research Working Papers 1836, Harvard - Institute of Economic Research.
  14. Stephen Polasky & Andrew Solow & James Broadus, 1993. "Searching For Uncertain Benefits and the Conservation Of Biological Diversity," Boston College Working Papers in Economics 208, Boston College Department of Economics.
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  16. Weitzman, Martin L, 1993. "What to Preserve? An Application of Diversity Theory to Crane Conservation?," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 157-83, February.
  17. Bernhard, Pierre, 2002. "Survey Of Linear Quadratic Robust Control," Macroeconomic Dynamics, Cambridge University Press, vol. 6(01), pages 19-39, February.
  18. Terrance M. Hurley & Silvia Secchi & Bruce A. Babcock, 1999. "Managing the Risk of European Corn Borer Resistance to Transgenic Corn: An Assessment of Refuge Recommendations," Center for Agricultural and Rural Development (CARD) Publications 99-sr88, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  19. Chuan-Zhong Li & Karl-Gustaf Löfgren & Martin Weitzman, 2001. "Harvesting versus Biodiversity: An Occam's Razor Version," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 18(4), pages 355-366, April.
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  21. Heal, G., 1999. "Biodiversity as a Commodity," Papers 99-7, Columbia - Graduate School of Business.
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