Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach

American Economic Review - Tập 93 Số 5 - Trang 1597-1614 - 2003
William A. Brock1, Anastasios Xepapadeas2
1Department of Economics, University of Wisconsin, 1180 Observatory Drive, Madison, Wisconsin, 53706
2Department of Economics, University of Crete, University Campus, Rethymno 74100, Greece

Tóm tắt

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.

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American Economic Review

Tập 93 Số 5

1597-1614

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