Value pluralism and economic valuation – defendable if well done

Joachim H. Spangenberg and Josef Settele

Ecosystem Services, 2016, vol. 18, issue C, 100-109

Abstract: Scientists talk of “ecosystem services” and their economic value when arguing for the conservation of biodiversity. The limits to this line of argumentation are analysed based on the philosophy of values (axiology), exploring different kinds of values and discussing which of them can be adequately described with economic methods. The three promises of economic valuation, raising awareness in polity, saving biodiversity by internalising external cost, and contributing to better decisions are assessed and turn out to be more than questionable. Finally, the niche is defined where economic valuation makes sense, taking into account the restrictions from the axiological and the economic analysis.

Keywords: Biodiversity; Axiology; Ecosystem services; Internalisation; Policy impact; Conditions for helpful monetisation (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecoser:v:18:y:2016:i:c:p:100-109

DOI: 10.1016/j.ecoser.2016.02.008

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