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Are diverse ecosystems more valuable? A conceptual framework for economic valuation of biodiversity
[working paper]
Corporate Editor
Helmholtz-Zentrum für Umweltforschung - UFZ
Abstract Biodiversity is an important environmental public good. However, the literature suggests that it is not clear how its economic value should be estimated; there is no established framework for doing this. This paper summarises concepts of biodiversity value from the ecological and economic literature... view more
Biodiversity is an important environmental public good. However, the literature suggests that it is not clear how its economic value should be estimated; there is no established framework for doing this. This paper summarises concepts of biodiversity value from the ecological and economic literatures and combines them to a comprehensive and consistent framework. It is argued that biodiversity is the main carrier of insurance value, option value and spill-over value, and also influences the aesthetic appreciation of ecosystems. On that basis, an extension of the TEV framework is proposed to incorporate biodiversity values better. Furthermore, a number of specific challenges of biodiversity as an economic good are identified and used as criteria to inform the choice of suitable valuation methods.... view less
Keywords
biodiversity; ecological system; economic goods; economic value; sustainability
Classification
Ecology, Environment
Free Keywords
economic valuation; insurance value; option value; TEV
Document language
English
Publication Year
2016
City
Leipzig
Page/Pages
21 p.
Series
UFZ Discussion Papers, 9/2016
ISSN
1436-140X
Status
Published Version; reviewed
Licence
Creative Commons - Attribution-NonCommercial-ShareAlike