The economics of biodiversity and ecosystem services
Research output: Contributions to collected editions/works › Chapter › peer-review
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Biodiversity, ecosystem functioning, and human wellbeing: An Ecological and Economic Perspective. ed. / Shahid Naeem; Daniel E. Bunker; Andy Hector; Michel Loreau; Charles Perrings. Oxford [u.a.]: Oxford University Press, 2009. p. 230-247.
Research output: Contributions to collected editions/works › Chapter › peer-review
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RIS
TY - CHAP
T1 - The economics of biodiversity and ecosystem services
AU - Perrings, Charles
AU - Baumgärtner, Stefan
AU - Brock, William A.
AU - Chopra, Kanchan
AU - Conte, Marc
AU - Costello, Christopher
AU - Duraiappah, Anantha
AU - Kinzig, Anna P.
AU - Pascual, Unai
AU - Polanski, Stephen
AU - Tschirhart, John
AU - Xepapadeas, Anastasios
N1 - Publisher Copyright: © Oxford University Press 2009. All rights reserved.
PY - 2009/7/30
Y1 - 2009/7/30
N2 - Biodiversity conservation confers social benefits at many levels. Although the gene pool is a global public good, many of the ecosystem services supported by biodiversity are regional or even local public goods. At all levels, biodiversity underpins the capacity of the system to deliver services over a range of environmental conditions. The economic problem addressed in this chapter is how to correct for (a) the failure of markets to signal the true cost of biodiversity change in terms of ecosystem services, (b) the failure of governance systems to regulate access to the biodiversity embedded in 'common pool' environmental assets, and (c) the failure of communities to invest in biodiversity conservation as an ecological 'public good'. The chapter reviews both the nature of the challenges posed by these failures, and the options for addressing them. It requires that we are able to correctly identify both the private and social decision problems, and hence that we are able to value those non-marketed environmental effects that are ignored in many private decisions. It further requires that we are able to identify governance mechanisms, institutions, and instruments that will induce private decision-makers to behave in ways that are consistent with the social interest. This chapter focuses on the institutional and policy options for securing the socially optimal mix of species, given the role of biodiversity in assuring ecosystem services over a range of environmental conditions.
AB - Biodiversity conservation confers social benefits at many levels. Although the gene pool is a global public good, many of the ecosystem services supported by biodiversity are regional or even local public goods. At all levels, biodiversity underpins the capacity of the system to deliver services over a range of environmental conditions. The economic problem addressed in this chapter is how to correct for (a) the failure of markets to signal the true cost of biodiversity change in terms of ecosystem services, (b) the failure of governance systems to regulate access to the biodiversity embedded in 'common pool' environmental assets, and (c) the failure of communities to invest in biodiversity conservation as an ecological 'public good'. The chapter reviews both the nature of the challenges posed by these failures, and the options for addressing them. It requires that we are able to correctly identify both the private and social decision problems, and hence that we are able to value those non-marketed environmental effects that are ignored in many private decisions. It further requires that we are able to identify governance mechanisms, institutions, and instruments that will induce private decision-makers to behave in ways that are consistent with the social interest. This chapter focuses on the institutional and policy options for securing the socially optimal mix of species, given the role of biodiversity in assuring ecosystem services over a range of environmental conditions.
KW - Sustainability sciences, Management & Economics
KW - Biodiversity
KW - Ecosystem services
KW - Externalities
KW - Public goods
KW - Regulatory instruments
KW - Economics
KW - Economic instruments
UR - http://www.scopus.com/inward/record.url?scp=84920081108&partnerID=8YFLogxK
UR - https://www.mendeley.com/catalogue/da43b1bb-9fa6-3aec-b5a6-448224e00689/
U2 - 10.1093/acprof:oso/9780199547951.003.0017
DO - 10.1093/acprof:oso/9780199547951.003.0017
M3 - Chapter
SN - 978-019954795-1
SP - 230
EP - 247
BT - Biodiversity, ecosystem functioning, and human wellbeing
A2 - Naeem, Shahid
A2 - Bunker, Daniel E.
A2 - Hector, Andy
A2 - Loreau, Michel
A2 - Perrings, Charles
PB - Oxford University Press
CY - Oxford [u.a.]
ER -