The valuation of 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. 248-262.
Research output: Contributions to collected editions/works › Chapter › peer-review
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TY - CHAP
T1 - The valuation of ecosystem services
AU - Barbier, Edward B.
AU - Baumgärtner, Stefan
AU - Chopra, Kanchan
AU - Costello, Christopher
AU - Duraiappah, Anantha
AU - Hassan, Rashid
AU - Kinzig, Anna P.
AU - Lehman, Markus
AU - Pascual, Unai
AU - Polasky, Stephen
AU - Perrings, Charles
N1 - Publisher Copyright: © Oxford University Press 2009. All rights reserved.
PY - 2009/7/30
Y1 - 2009/7/30
N2 - By harnessing recent results on the relationship between biodiversity and ecosystem functioning to an assessment of the valued services that people obtain from the natural environment, the Millennium Ecosystem Assessment (MA) has brought the analysis of ecosystems into the domain of economics. Ecosystem services are defined by the MA as the benefits that people obtain from ecosystems. Since the value of any asset is simply the discounted stream of benefits that are obtained from that asset, the benefit streams associated with ecosystem services may be used to estimate the value of the underlying ecological assets. Those assets are not the traditional stocks of resource economics - minerals, water, timber and so on - but the systems that yield flows of such things. This chapter discusses the value of ecosystems and ecosystem services. It identifies the main methods for valuing different types of ecosystem service, and the role of valuation in developing sustainability indicators. The sustainability of economic development requires that the value of the assets or capital stocks supporting development be maintained over time, and since capital includes produced, human and natural capital, it is important to understand how the value of ecosystems may be changing relative to the value of other capital stocks.
AB - By harnessing recent results on the relationship between biodiversity and ecosystem functioning to an assessment of the valued services that people obtain from the natural environment, the Millennium Ecosystem Assessment (MA) has brought the analysis of ecosystems into the domain of economics. Ecosystem services are defined by the MA as the benefits that people obtain from ecosystems. Since the value of any asset is simply the discounted stream of benefits that are obtained from that asset, the benefit streams associated with ecosystem services may be used to estimate the value of the underlying ecological assets. Those assets are not the traditional stocks of resource economics - minerals, water, timber and so on - but the systems that yield flows of such things. This chapter discusses the value of ecosystems and ecosystem services. It identifies the main methods for valuing different types of ecosystem service, and the role of valuation in developing sustainability indicators. The sustainability of economic development requires that the value of the assets or capital stocks supporting development be maintained over time, and since capital includes produced, human and natural capital, it is important to understand how the value of ecosystems may be changing relative to the value of other capital stocks.
KW - Sustainability sciences, Management & Economics
KW - Ecosystem services
KW - Revealed preference
KW - Stated preference
KW - Valuation
KW - Economics
UR - http://www.scopus.com/inward/record.url?scp=84920070117&partnerID=8YFLogxK
UR - https://www.mendeley.com/catalogue/1ca58952-a1d5-3fc9-b749-1fca9c849cc1/
U2 - 10.1093/acprof:oso/9780199547951.003.0018
DO - 10.1093/acprof:oso/9780199547951.003.0018
M3 - Chapter
SN - 978-019954795-1
SP - 248
EP - 262
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 -