An assessment of market-based approaches to providing ecosystem services on agricultural lands

An assessment of market-based approaches to providing ecosystem services on agricultural lands Market-based approaches are increasingly being advocated as tools for achieving the conservation of ecosystem services. We examine the reasons why markets so far appear to have failed to provide an efficient allocation of many ecosystem services, and identify the conditions under which markets deliver efficient resource allocation. We discuss different forms of market-based approaches to ecosystem services and identify the characteristics of services that make them better suited to one or another of these approaches. We find that lack of low-cost measurability and valuation currently precludes efficient allocation of many ecosystem services through market-based approaches. Still, some forms of market-based approaches hold promise for cost-effectively managing some ecosystem services provided by and to agricultural lands. In many cases some form of well-designed government involvement will be required to seek outcomes that protect the public interest. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Ecological Economics Elsevier

An assessment of market-based approaches to providing ecosystem services on agricultural lands

Ecological Economics, Volume 64 (2) – Dec 15, 2007

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Publisher
Elsevier
Copyright
Copyright © 2007 Elsevier B.V.
ISSN
0921-8009
D.O.I.
10.1016/j.ecolecon.2007.07.021
Publisher site
See Article on Publisher Site

Abstract

Market-based approaches are increasingly being advocated as tools for achieving the conservation of ecosystem services. We examine the reasons why markets so far appear to have failed to provide an efficient allocation of many ecosystem services, and identify the conditions under which markets deliver efficient resource allocation. We discuss different forms of market-based approaches to ecosystem services and identify the characteristics of services that make them better suited to one or another of these approaches. We find that lack of low-cost measurability and valuation currently precludes efficient allocation of many ecosystem services through market-based approaches. Still, some forms of market-based approaches hold promise for cost-effectively managing some ecosystem services provided by and to agricultural lands. In many cases some form of well-designed government involvement will be required to seek outcomes that protect the public interest.

Journal

Ecological EconomicsElsevier

Published: Dec 15, 2007

References

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