Economic Valuation Methods of Biodiversity |
Wooyoung Cho, Doohyun Bae, and Hong Sok Kim† |
Dept. of Urban Planning & Engineering, Yonsei University, Korea |
Corresponding Author:
Hong Sok Kim ,Tel: +82-2-2123-5895, Fax: +82-2-393-6298, Email: hskim66@yonsei.ac.kr |
Received: January 12, 2008; Accepted: March 5, 2008. |
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ABSTRACT |
The valuation of biodiversity is a fundamental step in conservation. The useful framework for analysing the economic value of biological
resources is that of total economic value (TEV) and TEV comprises both use and non-use values, the former related to an actual use made of the
resource, the latter to a willingness to pay for the resource independently of any use made of it. There are several valuation approacher in
environmental economics literature. However, stated preference approach should be introduced for valuation of biodiversity because it can estimate
non-use value as well as use value. Contingent Valuation and Conjoint Analysis are representative methods in stated preference and Conjoint
Analysis can be more useful for valuation of biodiversity. Futhermore, the combination of ecology and economics to assess biodiversity leads to an
integrated framework. Thus, interdisciplinary work is required, involving both economists and ecologists transferring elements or even theories and
models from one discipline to another and transforming them for their specific, mutually consistent purpose. |
Keywords:
Biodiversity | Economic valuation | Contingent valuation method | Conjoint analysis | Biodiversity index |
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