English, Article, Journal or magazine article edition: Valuing Biodiversity from an Economic Perspective: AUnified Economic, Ecological and Genetic Approach William Brock; Anastasios Xepapadeas

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Bookmark: http://trove.nla.gov.au/version/76898
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Valuing Biodiversity from an Economic Perspective: AUnified Economic, Ecological and Genetic Approach
Author
  • William Brock
  • Anastasios Xepapadeas
Physical Description
  • preprint
Notes
  • We develop a conceptual framework for valuing biodiversity from an economic perspective. We consider biodiversity important because of a number of characteristics or services that it provides or enhances. We argue for a dynamic economic welfare measure of biodiversity that complements the existing literature on benefit-cost approaches and genetic distance/​phylogenic tree approaches, which to date have been more static. Using a unified model of optimal economic management of an ecosystem under ecological and genetic constraints, we identify gains realized by 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 even though the genetic distance of the species in the more diverse system could be almost zero. We relate this endogenous measure of the biodiversity value to ecologically/​biologically oriented biodiversity metrics (species richness, Shannon or Simpson indices).
  • RePEc:crt:wpaper:0301
Language
  • English
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