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On the economic valuation of ecosystem services

Author: Ayres, Robert U. INSEAD Area: Economics and Political Science Series: Working Paper ; 97/102/EPS Publisher: Fontainebleau : INSEAD Centre for the Management of Environmental and Social Responsibility (CMER) 1997.Language: EnglishDescription: 8 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: A recent publication in "Nature" suggests that the economic value of global ecosystem services is between 16 trillion dollar and 54 trillion dollar with an average of 33 trillion dollar. This far exceeds the aggregate Gross World Product (18 trillion dollar). It is argued herein that the foregoing estimate is based on methodological assumptions that are seriously flawed. The economic value of ecosystem services in a steady state equilibrium must be exactly equal to the cost of maintaining the revelant ecosystems in a steady state. These costs would surely be only a few percent of GWP
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A recent publication in "Nature" suggests that the economic value of global ecosystem services is between 16 trillion dollar and 54 trillion dollar with an average of 33 trillion dollar. This far exceeds the aggregate Gross World Product (18 trillion dollar). It is argued herein that the foregoing estimate is based on methodological assumptions that are seriously flawed. The economic value of ecosystem services in a steady state equilibrium must be exactly equal to the cost of maintaining the revelant ecosystems in a steady state. These costs would surely be only a few percent of GWP

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