The Economics of Valuing Ecosystem Services and Biodiversity

Unai Pascual*, Roldan Muradian, Luke Brander, Erik Gómez-Baggethun, Berta Martín-López, Madhu Verma, Paul Armsworth, Michael Christie, Hans Cornelissen, Florian Eppink, Joshua Farley, John Loomis, Leonie Pearson, Charles Perrings, Stephen Polasky, Jeffrey A. McNeely, Richard Norgaard, Rehana Siddiqui, R. David Simpson, R. Kerry Turner

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapter

199 Citations (Scopus)


In the Total Economic Value (TEV) framework, ecosystems may generate output values (the values generated in the current state of the ecosystem, for example food production, climate regulation and recreational value) as well as insurance values. The latter, closely related to ‘option value’, is the value of ensuring that there is no regime shift in the ecosystem with irreversible negative consequences for human well-being. Even if an ecosystem or some component of it currently generates no output value, its option value may still be significant.
Original languageEnglish
Title of host publicationThe Economics of Ecosystems and Biodiversity
Subtitle of host publicationEcological and Economic Foundations
EditorsPushpam Kumar
Place of PublicationLondon
PublisherTaylor & Francis
Number of pages74
ISBN (Electronic)9781849775489
ISBN (Print)9781849712125, 9780415501088
Publication statusPublished - 01 Jan 2012


  • TEEB
  • Ecosystem services
  • Valuation


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