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Ecosystem Valuation
Ecosystem valuation is an economic process which assigns a value (either monetary, biophysical, or other) to an ecosystem and/or its ecosystem services. By quantifying, for example, the human welfare benefits of a forest to reduce flooding and erosion while Carbon sequestration, sequestering carbon, providing habitat for endangered species, and absorbing harmful chemicals, such monetization ideally provides a tool for policy-makers and conservationists to evaluate management impacts and compare a Cost–benefit analysis, cost-benefit analysis of potential policies. However, such valuations are estimates, and involve the inherent quantitative uncertainty and philosophical debate of evaluating a range non-market costs and benefits. History and Economic Model History Cost-benefit analyses and the generation of market Value (economics), value have existed within the economic literature for centuries. However, in 1997, Robert Costanza, Distinguished University Professor of sustainabili ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ecosystem
An ecosystem (or ecological system) consists of all the organisms and the physical environment with which they interact. These biotic and abiotic components are linked together through nutrient cycles and energy flows. Energy enters the system through photosynthesis and is incorporated into plant tissue. By feeding on plants and on one another, animals play an important role in the movement of matter and energy through the system. They also influence the quantity of plant and microbial biomass present. By breaking down dead organic matter, decomposers release carbon back to the atmosphere and facilitate nutrient cycling by converting nutrients stored in dead biomass back to a form that can be readily used by plants and microbes. Ecosystems are controlled by external and internal Environmental factor, factors. External factors such as climate, parent material which forms the soil and topography, control the overall structure of an ecosystem but are not themselves influe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ecological Yield
Ecological yield is the harvestable population growth of an ecosystem. It is most commonly measured in forestry: sustainable forestry is defined as that which does not harvest more wood in a year than has grown in that year, within a given patch of forest. However, the concept is also applicable to water, soil, and any other aspect of an ecosystem which can be both harvested and renewed—called renewable resources. The carrying capacity of an ecosystem is reduced over time if more than the amount which is "renewed" (refreshed or regrown or rebuilt) is consumed. Ecosystem services analysis calculates the global yield of the Earth's biosphere to humans as a whole. This is said to be greater in size than the entire human economy. However, it is more than just yield, but also the natural processes that increase biodiversity and conserve habitat which result in the total value of these services. "Yield" of ecological commodities like wood or water, useful to humans, is only a pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Biome
A biome () is a biogeographical unit consisting of a biological community that has formed in response to the physical environment in which they are found and a shared regional climate. Biomes may span more than one continent. Biome is a broader term than habitat and can comprise a variety of habitats. While a biome can cover large areas, a microbiome is a mix of organisms that coexist in a defined space on a much smaller scale. For example, the human microbiome is the collection of bacteria, viruses, and other microorganisms that are present on or in a human body. A biota is the total collection of organisms of a geographic region or a time period, from local geographic scales and instantaneous temporal scales all the way up to whole-planet and whole-timescale spatiotemporal scales. The biotas of the Earth make up the biosphere. Etymology The term was suggested in 1916 by Clements, originally as a synonym for '' biotic community'' of Möbius (1877). Later, it gained its c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Travel Cost Method
The travel cost method of economic valuation, travel cost analysis, or Clawson method is a revealed preference method of economic valuation used in cost–benefit analysis to calculate the value of something that cannot be obtained through market prices (i.e. national parks, beaches, ecosystems). The aim of the method is to calculate willingness to pay for a constant price facility. The technique was first suggested by the statistician Harold Hotelling in a 1947 letter to the director of the National Park Service of the United States for a method to measure the benefit of National Parks to the public. The method was further refined by Trice and Wood (1958) and Clawson (1959). The technique is one approach to the estimation of a shadow price. Methodology The general principle is that individual visitors spend varying amounts of time and money to access a particular resource. The further away an individual from the resource, the more time and money they spend and the less frequent is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedonic
Hedonism refers to a family of theories, all of which have in common that pleasure plays a central role in them. ''Psychological'' or ''motivational hedonism'' claims that human behavior is determined by desires to increase pleasure and to decrease pain. ''Normative'' or ''ethical hedonism'', on the other hand, is not about how we actually act but how we ought to act: we should pursue pleasure and avoid pain. ''Axiological hedonism'', which is sometimes treated as a part of ethical hedonism, is the thesis that only pleasure has intrinsic value. Applied to well-being or what is good for someone, it is the thesis that pleasure and suffering are the only components of well-being. These technical definitions of hedonism within philosophy, which are usually seen as respectable schools of thought, have to be distinguished from how the term is used in everyday language, sometimes referred to as "folk hedonism". In this sense, it has a negative connotation, linked to the egoistic pursuit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Willingness To Pay
In behavioral economics, willingness to pay (WTP) is the maximum price at or below which a consumer will definitely buy one unit of a product.Varian, Hal R. (1992), Microeconomic Analysis, Vol. 3. New York: W.W. Norton. This corresponds to the standard economic view of a consumer reservation price. Some researchers, however, conceptualize WTP as a range. According to the constructive preference view, consumer willingness to pay is a context-sensitive construct; that is, a consumer's WTP for a product depends on the concrete decision context. For example, consumers tend to be willing to pay more for a soft drink in a luxury hotel resort in comparison to a beach bar or a local retail store. See also * Cost-benefit analysis * Welfare economics Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. Attempting to apply the principles of welfare economics gives rise to the field of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contingent Valuation
Contingent valuation is a survey-based economic technique for the valuation of non- market resources, such as environmental preservation or the impact of externalities like pollution. While these resources do give people utility, certain aspects of them do not have a market price as they are not directly sold – for example, people receive benefit from a beautiful view of a mountain, but it would be tough to value using price-based models. Contingent valuation surveys are one technique which is used to measure these aspects. Contingent valuation is often referred to as a ''stated preference'' model, in contrast to a price-based '' revealed preference'' model. Both models are utility-based. Typically the survey asks how much money people would be willing to pay (or willing to accept) to maintain the existence of (or be compensated for the loss of) an environmental feature, such as biodiversity. History Contingent valuation surveys were first proposed in theory by S.V. Ciria ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-market Economics
Economic anthropology is a field that attempts to explain human economic behavior in its widest historic, geographic and cultural scope. It is an amalgamation of economics and anthropology. It is practiced by anthropologists and has a complex relationship with the discipline of economics, of which it is highly critical. Its origins as a sub-field of anthropology began with work by the Polish founder of anthropology Bronislaw Malinowski and the French Marcel Mauss on the nature of reciprocity as an alternative to market exchange. For the most part, studies in economic anthropology focus on exchange. Post-World War II, economic anthropology was highly influenced by the work of economic historian Karl Polanyi. Polanyi drew on anthropological studies to argue that true market exchange was limited to a restricted number of western, industrial societies. Applying formal economic theory (Formalism) to non-industrial societies was mistaken, he argued. In non-industrial societies, ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bequest Value
Bequest value, in economics, is the value of satisfaction from preserving a natural environment or a historic environment, in other words natural heritage or cultural heritage for future generations. It is often used when estimating the value of an environmental service or good. Together with the existence value, it makes up the non-use value Non-use value is the value that people assign to economic goods (including public goods) even if they never have and never will use it. It is distinguished from use value, which people derive from direct use of the good. The concept is most common ... of such an environmental service or good. References Environmental economics {{econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Altruism
Altruism is the principle and moral practice of concern for the welfare and/or happiness of other human beings or animals, resulting in a quality of life both material and spiritual. It is a traditional virtue in many cultures and a core aspect of various religious and secular worldviews. However, the object(s) of concern vary among cultures and religions. In an extreme case, altruism may become a synonym of selflessness, which is the opposite of selfishness. The word "altruism" was popularized (and possibly coined) by the French philosopher Auguste Comte in French, as ''altruisme'', for an antonym of egoism. He derived it from the Italian ''altrui'', which in turn was derived from Latin ''alteri'', meaning " other people" or "somebody else". Altruism in biological observations in field populations of the day organisms is an individual performing an action which is at a cost to themselves (e.g., pleasure and quality of life, time, probability of survival or reproductio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Existence Value
Existence values are a class of economic value, reflecting the benefit people receive from knowing that a particular environmental resource, such as Antarctica, the Grand Canyon, endangered species, or any other organism or thing exists. Existence value is a prominent example of non-use value, as they do not require that utility be derived from direct use of the resource: the utility comes from simply knowing the resource exists. The idea was first introduced by John V. Krutilla in his essay "Conservation Reconsidered."John Krutilla: ''Conservation Reconsidered''. In: The American Economic Review, Volume 57, Issue 4, Sep. 1967, pp. 777-786 As the Canadian Privy Council explains existence value is "A concept used to refer to the intrinsic value of some asset, normally natural/environmental. It is the value of the benefits derived from the asset's existence alone. For example, a tree can be valued in a number of ways, including its use value (as lumber), an existence value (simpl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Option Value (cost–benefit Analysis)
In cost–benefit analysis and social welfare economics, the term option value refers to the value that is placed on private willingness to pay for maintaining or preserving a public asset or service even if there is little or no likelihood of the individual actually ever using it. The concept is most commonly used in public policy assessment to justify continuing investment in parks, wildlife refuges and land conservation, as well as rail transportation facilities and services. It is also recognized as an element of the total economic value of environmental resources. This concept of "option value" in cost–benefit analysis is different from the concept used in finance, where the term refers to the valuation of a financial instrument that provides for a future purchase of an asset. (See Option time value.) However, the two can be related insofar as both can be interpreted as a valuation of risk factors. Application In the environmental research literature, option value is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
