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Valuing biodiversity from an economic perspective : a unified economic, ecological and genetic approach

  • Brock,W.A.
  • Xepapadeas,A.

    (University of Wisconsin-Madison, Social Systems Research Institute)

We develop a conceptual framework for valuing biodiversity from an economic perspective. We argue for a dynamic economic welfare measure of biodiversity that complements the literature on benefit-cost approaches and genetic distance/phylogenic tree approaches. Using a unified model of optimal economic management of an ecosystem under ecological and genetic constraints, we identify gains from management policies leading to a more diverse system, using the Bellman state valuation function of the problem. We show that a more diverse system could attain a higher value although the genetic distance of the species in the more diverse system could be almost zero.

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File URL: http://www.ssc.wisc.edu/econ/archive/wp2003-09.pdf
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Paper provided by Wisconsin Madison - Social Systems in its series Working papers with number 9.

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Date of creation: 2003
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Handle: RePEc:att:wimass:20039
Contact details of provider: Postal: UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.

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  1. Brock,W. & Xepapadeas,A., 2000. "Optimal ecosystem management when species compete for limiting resources," Working papers 27, Wisconsin Madison - Social Systems.
  2. Nehring,K. und C.Puppe, 1999. "A Theory of Diversity," Discussion Paper Serie A 605, University of Bonn, Germany.
  3. Solow Andrew & Polasky Stephen & Broadus James, 1993. "On the Measurement of Biological Diversity," Journal of Environmental Economics and Management, Elsevier, vol. 24(1), pages 60-68, January.
  4. Bernhard, Pierre, 2002. "Survey Of Linear Quadratic Robust Control," Macroeconomic Dynamics, Cambridge University Press, vol. 6(01), pages 19-39, February.
  5. Weitzman, M.L., 1991. "On Diversity," Harvard Institute of Economic Research Working Papers 1553, Harvard - Institute of Economic Research.
  6. repec:cup:macdyn:v:6:y:2002:i:1:p:19-39 is not listed on IDEAS
  7. Simpson, R David & Sedjo, Roger A & Reid, John W, 1996. "Valuing Biodiversity for Use in Pharmaceutical Research," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 163-85, February.
  8. 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.
  9. Montgomery, Claire A. & Pollak, Robert A. & Freemark, Kathryn & White, Denis, 1999. "Pricing Biodiversity," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 1-19, July.
  10. Stephen Polasky & Andrew Solow & James Broadus, 1993. "Searching For Uncertain Benefits and the Conservation Of Biological Diversity," Boston College Working Papers in Economics 208, Boston College Department of Economics.
  11. Gardner M. Brown & Jason F. Shogren, 1998. "Economics of the Endangered Species Act," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 3-20, Summer.
  12. Hurley, Terrance M. & Secchi, Silvia & Babcock, Bruce A. & Hellmich, Richard L., 2002. "Managing the Risk of European Corn Borer Resistance to Bt Corn," Staff General Research Papers 10294, Iowa State University, Department of Economics.
  13. Weitzman, Martin L., 2000. "Economic Profitability Versus Ecological Entropy," Scholarly Articles 3693703, Harvard University Department of Economics.
  14. Chuan-Zhong Li & Karl-Gustaf Löfgren & Martin Weitzman, 2001. "Harvesting versus Biodiversity: An Occam's Razor Version," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 18(4), pages 355-366, April.
  15. Terrance M. Hurley & Silvia Secchi & Bruce A. Babcock, 1999. "Managing the Risk of European Corn Borer Resistance to Transgenic Corn: An Assessment of Refuge Recommendations," Center for Agricultural and Rural Development (CARD) Publications 99-sr88, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  16. Heal, G., 1999. "Biodiversity as a Commodity," Papers 99-7, Columbia - Graduate School of Business.
  17. Andrew Metrick & Martin L. Weitzman, 1998. "Conflicts and Choices in Biodiversity Preservation," Harvard Institute of Economic Research Working Papers 1836, Harvard - Institute of Economic Research.
  18. Weitzman, Martin L, 1993. "What to Preserve? An Application of Diversity Theory to Crane Conservation?," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 157-83, February.
  19. Martin L. Weitzman, 1998. "The Noah's Ark Problem," Econometrica, Econometric Society, vol. 66(6), pages 1279-1298, November.
  20. Amy Craft & R. Simpson, 2001. "The Value of Biodiversity in Pharmaceutical Research with Differentiated Products," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 18(1), pages 1-17, January.
  21. Dasgupta, Partha & M Ler, Karl-G Ran, 2000. "Net national product, wealth, and social well-being," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 69-93, February.
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