Current efforts to value ecosystem services have contributed little to the valuation of natural capital, suggesting that in practice “nature is capital” primarily serves as a metaphor. We provide a theoretically motivated approach for recovering natural capital prices that expands beyond...

The natural capital concept is generating broad interest that extends well beyond economists. Economics has a long history of applying capital theory to natural resources. However, measurement of the value of ecosystems has mostly focused on income flows rather than valuing stocks of natural...

Evaluating the importance of different forms of open space to households requires an evaluation of the service flows provided by each type of open space. For many non-market goods, these flows occur over multiple spatial scales and require analysis that simultaneously accounts for capitalization...

We utilize a variety of approaches to examine the success of a voluntary conservation program for a common property resource. The availability of panel data and a nonparticipatory group lets us use quasi-experimental methods to investigate the distribution of outcome treatment effects. We...