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On the Productive Value of Biodiversity

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  • Chavas, Jean-Paul

Abstract

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.

Suggested Citation

  • Chavas, Jean-Paul, 2006. "On the Productive Value of Biodiversity," 2006 Annual meeting, July 23-26, Long Beach, CA 21280, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea06:21280
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    File URL: http://purl.umn.edu/21280
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    References listed on IDEAS

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    1. Menezes, C & Geiss, C & Tressler, J, 1980. "Increasing Downside Risk," American Economic Review, American Economic Association, vol. 70(5), pages 921-932, December.
    2. Montgomery Claire A. & Brown Jr. , Gardner M. & Adams Darius M., 1994. "The Marginal Cost of Species Preservation: The Northern Spotted Owl," Journal of Environmental Economics and Management, Elsevier, vol. 26(2), pages 111-128, March.
    3. William A. Brock & Anastasios Xepapadeas, 2003. "Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach," American Economic Review, American Economic Association, vol. 93(5), pages 1597-1614, December.
    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.
    5. 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.
    6. Chambers, Robert G. & Chung, Yangho & Fare, Rolf, 1996. "Benefit and Distance Functions," Journal of Economic Theory, Elsevier, vol. 70(2), pages 407-419, August.
    7. 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.
    8. Melinda Smale & Jason Hartell & Paul W. Heisey & Ben Senauer, 1998. "The Contribution of Genetic Resources and Diversity to Wheat Production in the Punjab of Pakistan," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(3), pages 482-493.
    9. 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.
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    Citations

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    Cited by:

    1. A. Ruijs & M. Kortelainen & A. Wossink & C.J.E. Schulp & R. Alkemade & Paul Madden, 2012. "Opportunity cost estimation of ecosystem services," The School of Economics Discussion Paper Series 1222, Economics, The University of Manchester.
    2. Jean-Paul Chavas, 2008. "On the economics of agricultural production ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 52(4), pages 365-380, December.
    3. Williams, Kristen J. & Reeson, Andrew F. & Drielsma, Michael J. & Love, Jamie, 2012. "Optimised whole-landscape ecological metrics for effective delivery of connectivity-focused conservation incentive payments," Ecological Economics, Elsevier, vol. 81(C), pages 48-59.
    4. repec:eee:ecoser:v:4:y:2013:i:c:p:82-94 is not listed on IDEAS
    5. Bareille, Fran├žois & Dupraz, Pierre, 2016. "Biodiversity productive effects in milk farms of western France: a multi-output primal system," 149th Seminar, October 27-28, 2016, Rennes, France 244774, European Association of Agricultural Economists.
    6. repec:eee:ecolec:v:147:y:2018:i:c:p:343-352 is not listed on IDEAS
    7. Elena Ojea & Paulo Nunes & Maria Loureiro, 2010. "Mapping Biodiversity Indicators and Assessing Biodiversity Values in Global Forests," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 47(3), pages 329-347, November.

    More about this item

    Keywords

    biodiversity; productive value; complementarity; scale; convexity; catalytic effect; uncertainty; Environmental Economics and Policy; D6; Q2; Q5;

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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