Multi-Criteria Decision Analysis and Cost-Benefit Analysis: Comparing alternative frameworks for integrated valuation of ecosystem services

Heli Saarikoski, Jyri Mustajoki, David N. Barton, Davide Geneletti, Johannes Langemeyer, Erik Gomez-Baggethun, Mika Marttunen, Paula Antunes, Hans Keune and Rui Santos

Ecosystem Services, 2016, vol. 22, issue PB, 238-249

Abstract: Multi-Criteria Decision Analysis (MCDA) methods has been promoted as an alternative approach to monetary economic valuation of ecosystem services in Cost-Benefit Analysis framework (CBA). We discuss the potential of MCDA in providing a framework for integrated valuation of ecosystem services. We conclude that MCDA does in general perform better than CBA and associated monetary valuation techniques in several aspects that are essential in ecosystem service valuation. These include the ability of a valuation method to account for multiple dimensions of well-being, including ecological and economic as well as cultural and moral aspects of a policy or management problem and to facilitate open and transparent public debate on the pros and cons of alternative courses of action, including the distribution of gains and losses across beneficiaries of ecosystem services. The capacity of MCDA to articulate values related to ecosystem services depends on individual methods used in the MCDA process. More importantly, it depends of the ways in which the process is organized and facilitated. However, MCDA cannot provide representative information of the values of wider population. Further empirical and theoretical research is needed on the potential of hybrid methodologies to combine monetary valuation and MCDA in fruitful ways.

Keywords: Ecosystem services; Multi-Criteria Decision Analysis; Cost-Benefit Analysis; Integrated valuation; Non-monetary valuation (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (35)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S221204161630420X
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecoser:v:22:y:2016:i:pb:p:238-249

DOI: 10.1016/j.ecoser.2016.10.014

Access Statistics for this article

Ecosystem Services is currently edited by Leon C Braat

More articles in Ecosystem Services from Elsevier
Bibliographic data for series maintained by Catherine Liu ().