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| Biodiversity is an important environmental public good. However the literature suggests that it is not clear how its economic value should be estimated; there is no established framework for doing this. This paper summarises concepts of biodiversity value from the ecological and economic literatures and combines them to a comprehensive and consistent framework. It is argued that biodiversity is the main carrier of insurance value option value and spill-over value and also influences the aesthetic appreciation of ecosystems. On that basis an extension of the TEV framework is proposed to incorporate biodiversity values better. Furthermore a number of specific challenges of biodiversity as an economic good are identified and used as criteria to inform the choice of suitable valuation methods. |
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