Abstract
The objective of this paper was to consider the social value ofbiological diversity and explore if this value could be expressedin terms of a unidimensional metric in money. Economics distinguishes between use-values and non-use-values, which are critically evaluated for valuing biodiversity. It is shown that these utility-based valuations have severe limitations as they treat species in isolation from their ecological contexts. In contrast, ecosystem ecology regards ecosystems as an integratednon-linear and nonconvex system in which ecosystem functions canbe understood as a four-component cycle; exploitation, accumulation of biomass, creative destruction and renewal. Withinsuch a cycle, ecosystems can be seen to have two properties: stability and resilience. A good proxy for resilience is the probability of extinction of species, and social value of biodiversity can be expressed as a partial ordering with thisprobability as an index. This approach is consistent with decision theory, of which social choice is an important component, pioneered by Arrow.
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Dore, M.H.I., Webb, D. Valuing Biodiversity: Reality or Mirage?. Environ Monit Assess 86, 91–104 (2003). https://doi.org/10.1023/A:1024006718841
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DOI: https://doi.org/10.1023/A:1024006718841