The value of the world's ecosystem services and natural capital.

Costanza, R., d'Arge, R., de Groot, R., Farber, S., Grasso, M., Hannon, B., Limburg, K., et al. (1997). The value of the world's ecosystem services and natural capital. Nature, 387(6630), 253-260.

Type

Journal article

Intellectual base

Primary research

Year

1997

DOI

10.1038/387253a0

Link

https://doi.org/10.1038/387253a0

Cited from

economics_finance, philosophy

Cited by

4 citations across 4 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes

• Commensurability
  • … Ecosystem-service valuation attempts to commensuralize nature's heterogeneous benefits (carbon sequestration, water filtration, pollination, aesthetic and cultural value) into monetary terms, as Costanza et al. (1997) demonstrated in their landmark global estimate of ecosystem-service value at US$33 trillion per year.
• Latent Service Bundle
  • Ecosystems (the home case): a wetland delivers water filtration, flood buffering, biodiversity support, carbon sequestration, fisheries-nursery function, and recreational value to populations who never pay; the ecosystem-services literature exists to inventory and proxy-value the bundle so drainage decisions account for the whole.

    This sourceFoundational inventory and proxy-valuation of multi-category ecosystem services (filtration, flood buffering, sequestration, recreation) delivered to diffuse unbilled beneficiaries.

• Value Commensuration
  • … is appropriate for ecological goods) transfers to healthcare (where the monetary value of health is debated and varies by country) and to organizational resource allocation (where value from different functions—R&D, sales, operations, community relations—is heterogeneous and must be commensured to allocate budget).

    This sourceInfluential and controversial estimate that the world's ecosystem services were worth ~US$33 trillion per year; sparked sustained debate over whether monetary commensuration is appropriate for ecological goods.

Domain-specific

• Ecosystem valuation
  • Ecosystem valuation is the systematic assignment or elicitation of economic, biophysical, social, or plural values for ecosystem states and services under a declared decision context.

Verification

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