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Using Ecological Production Theory to Define and Select Environmental Commodities for Nonmarket Valuation

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  • Boyd, James
  • Krupnick, Alan

Abstract

Economic analyses of nature must somehow define the “environmental commodities†to which values are attached. We articulate principles to guide the choice and interpretation of nonmarket commodities. We describe how complex natural systems can be decomposed consistent with “ecological production theory,†which, like conventional production theory, distinguishes between biophysical inputs, process, and outputs. We argue that a systems approach to the decomposition and presentation of natural commodities can inform and possibly improve the validity of nonmarket environmental valuation studies. We raise concerns about interpretation, usefulness, and accuracy of benefit estimates derived without reference to ecological production theory.

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  • Boyd, James & Krupnick, Alan, 2013. "Using Ecological Production Theory to Define and Select Environmental Commodities for Nonmarket Valuation," Agricultural and Resource Economics Review, Cambridge University Press, vol. 42(1), pages 1-32, April.
    • Handle: RePEc:cup:agrerw:v:42:y:2013:i:01:p:1-32_00
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    Cited by:

    1. Stephen C. Newbold & Patrick J. Walsh & D. Matthew Massey & Julie Hewitt, 2018. "Using structural restrictions to achieve theoretical consistency in benefit transfers," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 69(3), pages 529-553, March.
    2. Md. Hafiz Iqbal & Md. Elias Hossain, 2023. "Tourists’ willingness to pay for restoration of Sundarbans Mangrove forest ecosystems: a contingent valuation modeling study," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(3), pages 2443-2464, March.
    3. Chris Moore & Dennis Guignet & Kelly B. Maguire & Chris Dockins & Nathalie B. Simon, 2015. "A Stated Preference Study of the Chesapeake Bay and Watershed Lakes," NCEE Working Paper Series 201506, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Nov 2015.
    4. Tuttle, Carrie M. & Heintzelman, Martin D., 2015. "A loon on every lake: A hedonic analysis of lake water quality in the Adirondacks," Resource and Energy Economics, Elsevier, vol. 39(C), pages 1-15.
    5. Patrick J. Walsh & J. Walter Milon, 2016. "Nutrient Standards, Water Quality Indicators, and Economic Benefits from Water Quality Regulations," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 643-661, August.
    6. Weber, Matthew A. & Meixner, Thomas & Stromberg, Juliet C., 2016. "Valuing instream-related services of wastewater," Ecosystem Services, Elsevier, vol. 21(PA), pages 59-71.
    7. Cloé Garnache & Scott M. Swinton & Joseph A. Herriges & Frank Lupi & R. Jan Stevenson, 2016. "Solving the Phosphorus Pollution Puzzle: Synthesis and Directions for Future Research," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 98(5), pages 1334-1359.
    8. Chris Dockins & William Wheeler, 2015. "Lessons from risk assessment, economics, and risk management at EPA," Chapters, in: Carol Mansfield & V. K. Smith (ed.), Benefit–Cost Analyses for Security Policies, chapter 3, pages 63-77, Edward Elgar Publishing.
    9. Uchida, Emi & Swallow, Stephen K. & Gold, Arthur J. & Opaluch, James & Kafle, Achyut & Merrill, Nathaniel H. & Michaud, Clayton & Gill, Carrie Anne, 2018. "Integrating Watershed Hydrology and Economics to Establish a Local Market for Water Quality Improvement: A Field Experiment," Ecological Economics, Elsevier, vol. 146(C), pages 17-25.
    10. Jensen, Anne Kejser, 2019. "A Structured Approach to Attribute Selection in Economic Valuation Studies: Using Q-methodology," Ecological Economics, Elsevier, vol. 166(C), pages 1-1.
    11. Craig A. Bond, 2017. "Valuing Coastal Natural Capital in a Bioeconomic Framework," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 3(02), pages 1-26, April.
    12. Bauer, Dana Marie & Johnston, Robert J., 2013. "Foreword: The Economics of Rural and Agricultural Ecosystem Services: Purism versus Practicality," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 42(1), pages 1-13, April.
    13. Varela, Elsa & Kallas, Zein, 2022. "Extensive Mediterranean agroecosystems and their linked traditional breeds: Societal demand for the conservation of the Majorcan black pig," Land Use Policy, Elsevier, vol. 112(C).
    14. Olander, Lydia & Polasky, Stephen & Kagan, James S. & Johnston, Robert J. & Wainger, Lisa & Saah, David & Maguire, Lynn & Boyd, James & Yoskowitz, David, 2017. "So you want your research to be relevant? Building the bridge between ecosystem services research and practice," Ecosystem Services, Elsevier, vol. 26(PA), pages 170-182.
    15. Dennis Guignet & Charles Griffiths & Heather Klemick & Patrick J. Walsh, 2017. "The Implicit Price of Aquatic Grasses," Marine Resource Economics, University of Chicago Press, vol. 32(1), pages 21-41.
    16. Stephen Newbold & R. David Simpson & D. Matthew Massey & Matthew T. Heberling & William Wheeler & Joel Corona & Julie Hewitt, 2018. "Benefit Transfer Challenges: Perspectives from U.S. Practitioners," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 69(3), pages 467-481, March.
    17. Park, Dojin, 2021. "The Valuation of Soil Health Improvements and Ecosystem Services among Crop Producers in the U.S," 2021 Annual Meeting, August 1-3, Austin, Texas 314032, Agricultural and Applied Economics Association.

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