The Value of Nature to Our Health and Economic Well-Being: A Framework with Application to Elephants and Whales

Ralph Chami, Thomas Cosimano (t.f.cosimano@gmail.com), Connel Fullenkamp (cfullenk@duke.edu), Fabio Berzaghi (fabe@unitus.it), Sonia Español-Jiménez (sespanol@fundacionmeri.cl), Milton Marcondes (milton.marcondes@baleiajubarte.org.br) and Jose Palazzo (jose.truda@baleiajubarte.org.br)
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Thomas Cosimano: Blue Green Future
Connel Fullenkamp: Duke University
Fabio Berzaghi: Laboratory for Sciences of Climate and Environment (LSCE) - UMR, CEA/CNRS/UVSQ
Sonia Español-Jiménez: Fundación Centro MERI
Milton Marcondes: Baleia Jubarte
Jose Palazzo: Baleia Jubarte

A chapter in Economic Challenges for Europe After the Pandemic, 2022, pp 117-162 from Springer

Abstract: Abstract We develop a framework for natural resource valuation that directly addresses the fundamental collective action problem in environmental protection. Our framework uses the lessons of behavioral economics to create values that individual decision makers find credible and relatable, in addition to stimulating excitement or concern that is essential to prompting action. We then apply this framework to value forest elephants in Africa and great whales that are found off the coasts of Brazil and Chile. The values we estimate for individual members of these species are significant: $1.75 million per forest elephant and an average of $2 million per whale. We discuss how our valuations lead to new designs for environmental preservation and restoration policies.

Keywords: D62; G12; G41; Q5; Q54; Q57; Climate change; Valuation; Carbon capture; Behavioral economics; Natural capital (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-10302-5_7

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DOI: 10.1007/978-3-031-10302-5_7

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