In the recent debate on climate change economics triggered by the Stern Review and his opponents, fundamental methodological issues emerge. It becomes obvious that different choices for some variables in the models applied lead to vastly different conclusions. Specifically, the choice of the...

The discussion on discounting has reached a more refined stage by now so that some earlier objections made by ethicists as to the moral implications have become obsolete. The standard approach, as suggested in the economic part of the report from the Intergovernmental Panel on Climate Change,...

In Germany and other countries of Central Europe, biodiversity in the rural countryside is best conserved by applying traditional land-use methods, such as low input sheep and cattle grazing. These are very uneconomical according to conventional accounting and can only be carried out at present...

The discussion on discounting has reached a more refined stage by now so that some earlier objections made by ethicists as to the moral implications have become obsolete. The standard approach, as suggested in the economic part of the report from the Intergovernmental Panel on Climate Change,...

In practice, monetary valuation of biotic resources by the concept of total economic value (TEV) is a powerful tool for a rational treatment of this fraction of natural capital and for its conservation. Beyond methodological limits to monetarisation with regard to its marginal character there...