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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 bioversity from an economic perspective. We consider bioversity important because of a number of characteristics or services that it provided of enhances. We attribute bioversity loss to economic activities related to decisions of private optimizing agents that ignore useful characteristics or services associated ecosystems. Using a unified model of economic management of an ecosystem under ecological and genetic constrains, we compare the optimal value of the social optimization problem where positive externalities associated with bioversity are internalized, to that of a private optimization problem. We obtain an endogenous measure of the bioversity value and relate this measure to ecologically/biologically oriented bioversity metrics (special richness, Shannon or Simpson indices) that correspond to the equilibrium diversities of the social and private optimization problems.

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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
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  1. 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.
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  4. Martin L. Weitzman, 1998. "The Noah's Ark Problem," Econometrica, Econometric Society, vol. 66(6), pages 1279-1298, November.
  5. Brock,W. & Xepapadeas,A., 2000. "Optimal ecosystem management when species compete for limiting resources," Working papers 27, Wisconsin Madison - Social Systems.
  6. Heal, G., 1999. "Biodiversity as a Commodity," Papers 99-7, Columbia - Graduate School of Business.
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  14. 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.
  15. Weitzman, Martin L., 2000. "Economic Profitability Versus Ecological Entropy," Scholarly Articles 3693703, Harvard University Department of Economics.
  16. Martin L. Weitzman, 1993. "What to Preserve? An Application of Diversity Theory to Crane Conservation," The Quarterly Journal of Economics, Oxford University Press, vol. 108(1), pages 157-183.
  17. 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 Archive 10294, Iowa State University, Department of Economics.
  18. 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.
  19. Bernhard, Pierre, 2002. "Survey Of Linear Quadratic Robust Control," Macroeconomic Dynamics, Cambridge University Press, vol. 6(01), pages 19-39, February.
  20. 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.
  21. Chuan-Zhong Li & Karl-Gustaf Löfgren & Martin Weitzman, 2001. "Harvesting versus Biodiversity: An Occam's Razor Version," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 18(4), pages 355-366, April.
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