Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach
We develop a conceptual framework for valuing biodiversity from an economic perspective. We argue for a dynamic economic welfare measure of biodiversity that complements the literature on benefit-cost approaches and genetic distance/phylogenic tree approaches. Using a unified model of optimal economic management of an ecosystem under ecological and genetic constraints, we identify gains from management policies leading to a more diverse system, using the Bellman state valuation function of the problem. We show that a more diverse system could attain a higher value although the genetic distance of the species in the more diverse system could be almost zero.
Year of publication: |
2003
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Authors: | Brock, William A. ; Xepapadeas, Anastasios |
Published in: |
American Economic Review. - American Economic Association - AEA. - Vol. 93.2003, 5, p. 1597-1614
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Publisher: |
American Economic Association - AEA |
Saved in:
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