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Valuing Ecosystems - A Methodological Applying Approach

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  • Isabel Mendes

Abstract

In this paper the ecosystem’s valuation framework is described and discussed at a conceptual and formal level. Following utilitarianism and the capital asset analogy, one defines the concept of ecosystem value and how to quantify it by using individual preference based techniques rooted in welfare economics, namely stated individual preference techniques like Contingent Valuation. Several controversial questions arise when one tries to compute ecosystem’s value by using utilitarianism and the capital asset analogy due to the particular ecosystem’s natural specifics and the limitations of the economic theoretical framework. These controversial questions are enumerated, analysed, and the most commonly practitioner practices used to overcome the theoretical and technical difficulties of the appliance are assessed.

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Bibliographic Info

Paper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 2004/11.

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Date of creation: 2004
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Handle: RePEc:ise:isegwp:wp112004

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Postal: Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
Web page: https://aquila1.iseg.ulisboa.pt/aquila/departamentos/EC

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Keywords: Ecosystem; Valuation; Total Economic Value; Utilitarian Discounting; Contingent Valuation Method.;

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  20. Heal, G., 1998. "Valuing the Future: Economic Theory and Sustainability," Papers 98-10, Columbia - Graduate School of Business.
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