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Are diverse ecosystems more valuable? A conceptual framework for economic valuation of biodiversity

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Bartkowski, Bartosz

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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 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.
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
Licence Creative Commons - Attribution-NonCommercial-ShareAlike