English, Article, Journal or magazine article edition: The economic insurance value of ecosystem resilience Stefan Baumgärtner; Sebastian Strunz

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Bookmark: http://trove.nla.gov.au/version/156731
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The economic insurance value of ecosystem resilience
Author
  • Stefan Baumgärtner
  • Sebastian Strunz
Physical Description
  • preprint
Notes
  • Ecosystem resilience, i.e. an ecosystem’s ability to maintain its basic functions and controls under disturbances, is often interpreted as insurance: by decreasing the probability of future drops in the provision of ecosystem services, resilience insures risk-averse ecosystem users against potential welfare losses. Using a general and stringent definition of “insurance” and a simple ecological-economic model, we derive the economic insurance value of ecosystem resilience and study how it depends on ecosystem properties, economic context, and the ecosystem user’s risk preferences. We show that (i) the insurance value of resilience is negative (positive) for low (high) levels of resilience, (ii) it increases with the level of resilience, and (iii) it is one additive component of the total economic value of resilience.
  • ecosystem, economic value, insurance, resilience, risk, risk preferences
  • RePEc:lue:wpaper:132
Language
  • English
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