On the Productive Value of Biodiversity
The paper investigates the value of biodiversity as it relates to the productive value of services provided by an ecosystem. It analyzes how the value of an ecosystem can be "greater than the sum of its parts." First, it proposes a general measure of the value of biodiversity. Second, this measure is decomposed into four components, reflecting the role of complementarity, scale, convexity, and catalytic effects. This provides new information on the sources and determinants of biodiversity value. Third, the paper examines the role of uncertainty. In this context, the role of risk and of downside-risk exposure and their effects on the value of biodiversity are explored. This provides useful insights on how management and policy decisions can affect the value of biodiversity.
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Volume (Year): 42 (2009)
Issue (Month): 1 (January)
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References listed on IDEAS
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- William A. Brock & Anastasios Xepapadeas, 2003.
"Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach,"
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- Brock,W.A. & Xepapadeas,A., 2003. "Valuing biodiversity from an economic perspective : a unified economic, ecological and genetic approach," Working papers 9, Wisconsin Madison - Social Systems.
- William Brock & Anastasios Xepapadeas, . "Valuing Biodiversity from an Economic Perspective: AUnified Economic, Ecological and Genetic Approach," Working Papers 0301, University of Crete, Department of Economics.
- William Brock & Anastasios Xepapadeas, 2001. "Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological and Genetic Approach," Working Papers 0102, University of Crete, Department of Economics.
- Brock,W. & Xepapadeas,A., 2001. "Valuing biodiversity from an economic perspective : a unified economic, ecological and genetic approach," Working papers 17, Wisconsin Madison - Social Systems.
- Antle, John M, 1983. "Testing the Stochastic Structure of Production: A Flexible Moment-based Approach," Journal of Business & Economic Statistics, American Statistical Association, vol. 1(3), pages 192-201, July.
- 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.
- Chambers, Robert G. & Chung, Yangho & Fare, Rolf, 1996. "Benefit and Distance Functions," Journal of Economic Theory, Elsevier, vol. 70(2), pages 407-419, August.
- Derek Byerlee & Edward Souza, 1997. "Wheat Rusts and the Costs of Genetic Diversity in the Punjab of Pakistan," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(3), pages 726-737.
- Smale, M. & Meng, E. & Brennan, J. P. & Hu, Ruifa, 2003. "Determinants of spatial diversity in modern wheat: examples from Australia and China," Agricultural Economics, Blackwell, vol. 28(1), pages 13-26, January.
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