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dc.contributor.authorNunes, Paulo A. L. D.en_US
dc.contributor.authorDing, Helenen_US
dc.contributor.authorMarkandya, Anilen_US
dc.date.accessioned2011-12-15T11:31:21Z-
dc.date.available2011-12-15T11:31:21Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/53213-
dc.description.abstractIn a democratic system, policy makers have to take the preferences of the citizens into account. Since we live in a world with scarce resources, one is asked to make choices regarding the use and management of these resources. In this context, if policy makers decide to invest in the protection of marine ecosystems, less financial resources will be available for other policy areas, for example national health. Moreover, the investment in the protection of marine ecosystems brings along with it the provision of a wide range of benefits to humans though most are not priced in the existing markets - for example climate regulation and provision of habitat for biodiversity. Given that most human activities are priced in one way or other, in some decision contexts, the temptation exists to downplay or ignore these important marine ecosystem benefits on the basis of the non-existence of prices. The simple and simplistic idea in the minds of many policymakers is that a lack of prices is equivalent to a lack of values. Clearly, this is a biased perspective. Against this background, this paper explores the motivation for an economic valuation of this complex resource. The state-of-the-art economic valuation methodologies follow the guidelines proposed by the Millennium Ecosystem Assessment, taking into account the existing scientific knowledge on the functioning of marine ecosystems, marine ecosystem goods and services and its impacts on human welfare. Finally, we critically review some economic valuation studies, arguing that the economic valuation of marine ecosystem services and biodiversity can make sense if and only if important guidelines are observed.en_US
dc.language.isoengen_US
dc.publisherFondazione Eni Enrico Mattei (FEEM) Milanoen_US
dc.relation.ispartofseriesNota di lavoro // Fondazione Eni Enrico Mattei: Sustainable development 68.2009en_US
dc.subject.jelQ50en_US
dc.subject.jelQ57en_US
dc.subject.ddc330en_US
dc.subject.keywordEconomic Valuationen_US
dc.subject.keywordMarine Ecosystemen_US
dc.subject.keywordMillennium Ecosystem Assessment Approachen_US
dc.subject.keywordEuropeen_US
dc.titleThe economic valuation of marine ecosystemsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn64519882Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:FEEM Working Papers, Fondazione Eni Enrico Mattei

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