Zhu, Xueqin; Smulders, Sjak; de Zeeuw, Aart - 2019
Discounting has to take account of ecosystem services in consumption and production. Previous literature focuses on the … services. This paper focuses on intermediate ecosystem services in production and shows that for limited substitutability and a … be easily substituted in production but not in consumption, the relative price effect is important. Finally, and most …