Valuing Ecosystem Services
AbstractApril 1, 1998 We develop the economist's concept of value as opportunity cost and discuss the ways in which decisions imply values through revealed preference. We distinguish between the ideas of incremental and total value and argue that only the former is of importance in practical decision-making. The relationship between price and value is articulated and related to the distinction between public and private goods. Finally, we enumerate the various ways economists use to determine the value of ecosystem services–these include use of prices, methods of revealed preference, voting schemes and contingent valuation.
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Bibliographic InfoPaper provided by Stanford University, Department of Economics in its series Working Papers with number 98006.
Date of creation: 01 Apr 1998
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NBER Working Papers
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