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Cents and nonsense: A critical appraisal of the monetary valuation of nature

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  • Victor, Peter A.

Abstract

Current controversies in valuing the cost of environmental changes like climate change and biodiversity loss have exposed serious flaws in standard welfare economics. Many of these arise from the assumption that social value can be calculated using the revealed or stated preferences of self-regarding, narrowly rational individuals (Parks and Gowdy, 2013, p. 1).

Suggested Citation

  • Victor, Peter A., 2020. "Cents and nonsense: A critical appraisal of the monetary valuation of nature," Ecosystem Services, Elsevier, vol. 42(C).
    • Handle: RePEc:eee:ecoser:v:42:y:2020:i:c:s2212041620300188
    DOI: 10.1016/j.ecoser.2020.101076
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    1. Wang, Jiang-Jiang & Jing, You-Yin & Zhang, Chun-Fa & Zhao, Jun-Hong, 2009. "Review on multi-criteria decision analysis aid in sustainable energy decision-making," Renewable and Sustainable Energy Reviews, Elsevier, vol. 13(9), pages 2263-2278, December.
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    10. Parks, Sarah & Gowdy, John, 2013. "What have economists learned about valuing nature? A review essay," Ecosystem Services, Elsevier, vol. 3(C), pages 1-10.
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    Cited by:

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    2. Durán, María & Canals, Rosa M. & Sáez, José L. & Ferrer, Vicente & Lera-López, Fernando, 2020. "Disruption of traditional land use regimes causes an economic loss of provisioning services in high-mountain grasslands," Ecosystem Services, Elsevier, vol. 46(C).
    3. Antoine Godin & Anda David & Oskar Lecuyer & Stéphanie Leyronas, 2022. "A strong sustainability approach to development trajectories," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 19(3), pages 381-396, December.
    4. Heydinger, John & Diggle, Richard & Stuart-Hill, Greg & Dierkes, Katharina & Packer, Craig, 2022. "Differentiated payments for ecosystem services based on estimated prey consumption by lions within communal conservancies in northwest Namibia," Ecosystem Services, Elsevier, vol. 53(C).

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