Methods for monetary valuation of ecosystem services: A scoping review

Egor Selivanov and Petra Hlaváčková
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Egor Selivanov: Department of Landscape Carbon Storage, Global Change Research Institute of the Czech Academy of Sciences, Brno, Czech Republic
Petra Hlaváčková: Department of Forest and Wood Products Economics and Policy, Faculty of Forestry and Wood Technology, Mendel University in Brno, Brno, Czech Republic

Journal of Forest Science, 2021, vol. 67, issue 11, 499-511

Abstract: Adequate assessment of ecosystem services is important for the development of policies and management plans related to forestry activities and the environment. Carefully identified ecosystem values can determine which options policy makers should prioritize to provide the greatest benefit. There are numerous methods used by researchers to evaluate ecosystem services. The most widely applied methods are monetary valuation methods, they are often deemed to be the most pragmatic language when it comes to communication with political and business institutions. The main goal of this review is to analyse available literature using the methodology particular to the scoping review approach in order to identify and describe valuation methods that can be applied for monetary assessment of ecosystem services. As a result of the scoping review, over 20 monetary valuation techniques (including several less common methods such as willingness to sell and Delphi method) were derived from 16 literature sources. In the process of compiling the range of different methods, a few flaws and gaps in the communication of methods were observed such as lack of consistency in the names of different methods and mixing up concepts. In addition, a few areas for future research are suggested.

Keywords: ecosystem services; monetary valuation; stated preferences; revealed preferences; market-based approach (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:caa:jnljfs:v:67:y:2021:i:11:id:96-2021-jfs

DOI: 10.17221/96/2021-JFS

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