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Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Economic valuation of ecosystem goods and services: a review for decision makers
Author(s): Tinch, Robert
Beaumont, Nicola
Sunderland, Tim
Ozdemiroglu, Ece
Barton, David
Bowe, Colm
Börger, Tobias
Burgess, Paul
Cooper, Canon Nigel
Faccioli, Michela
Failler, Pierre
Gkolemi, Ioanna
Kumar, Ritesh
Longo, Alberto
McVittie, Alistair
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Keywords: Economic valuation
criticisms of economic valuation
stated preference
revealed preference
ecosystem services
policy appraisal
decision support
Issue Date: 2019
Citation: Tinch R, Beaumont N, Sunderland T, Ozdemiroglu E, Barton D, Bowe C, Börger T, Burgess P, Cooper CN, Faccioli M, Failler P, Gkolemi I, Kumar R, Longo A & McVittie A (2019) Economic valuation of ecosystem goods and services: a review for decision makers. Journal of Environmental Economics and Policy, 8 (4), pp. 359-378.
Abstract: There is increasing interest in the use of economic valuation of ecosystem goods and services for a wide variety of purposes. These include relatively familiar uses in project appraisal and more novel applications in advocacy, performance tracking and accounting in public and private settings. Decision makers who use valuation information need to understand the background, strengths and weaknesses of these approaches. The methods have a strong foundation in economic theory and offer a rapidly growing evidence base, improving ability to evaluate a broad range of ecosystem goods and services. Nevertheless, there are theoretical and practical limitations that need to be understood and kept in mind when interpreting results. In this paper, we briefly review the economic valuation methods and situate them in their historical and theoretical contexts. We assess the main critiques, attempts at resolving them, and implications for the usefulness of the methods in different contexts. We examine the main barriers and opportunities for wider uses of valuation evidence, and draw conclusions on the appropriate role of valuation in future, as a tool for aiding reflection and deliberation processes.
DOI Link: 10.1080/21606544.2019.1623083
Rights: This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. This is an Accepted Manuscript of an article published by Taylor & Francis Group in Journal of Environmental Economics and Policy on 11 Jun 2019, available online:
Notes: Additional co-authors: Joe Morris, Jacob Park, Neil Ravenscroft, Marije Schaafsma, James Vause & Guy Ziv

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