The Nature of the Beast: Wildlife Valuation from the Iconic to the Ordinary

Lynne Lewis (), Jennifer Raynor () and Leslie Richardson ()
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Lynne Lewis: Department of Agricultural and Resource Economics, Colorado State University, Fort Collins, Colorado, USA
Jennifer Raynor: Department of Forest and Wildlife Ecology, University of Wisconsin–Madison, Madison, Wisconsin, USA
Leslie Richardson: Social Science Program, National Park Service, Fort Collins, Colorado, USA

Annual Review of Resource Economics, 2024, vol. 16, issue 1, 167-186

Abstract: Wildlife species generate significant economic value through recreational opportunities, ecosystem services, and their existence and preservation for future generations. Policymaker decisions about fish and wildlife conservation, population management, hunting and fishing limits, and damage assessments all rely to some extent on nonmarket valuation estimates of the species in question. Focusing on individual species, we present a comprehensive review of the nonmarket valuation literature from 1990 to 2023. We quantify studies by species and synthesize the characteristics of these species. We examine why certain species or uses have been the historical focus. Finally, we offer some insights into gaps in our knowledge and directions for future research. While the wildlife valuation literature is extensive, we question the scope of coverage and speculate on the reasons for such heavy coverage of some species and limited coverage of others. Charisma, endemism, and rarity play a large role, as do species with large use values.

Keywords: nonmarket valuation; nonuse value; charismatic wildlife; wildlife; total economic value; recreation (search for similar items in EconPapers)
JEL-codes: Q20 Q26 Q51 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1146/annurev-resource-101623-093149

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