Valuation of ecosystem goods and services. Part 2: Implications of unpredictable novel change

Winkler, Ralph (2006). Valuation of ecosystem goods and services. Part 2: Implications of unpredictable novel change. Ecological economics, 59(1), pp. 94-105. Elsevier 10.1016/j.ecolecon.2005.10.004

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This is the second part of a two-part paper which offers a new approach to the valuation of ecosystem goods and services. In the first part a simple pre-industrial model was introduced to show how the interdependencies between the three subsystems, society, economy and nature, influence values, and how values change over time. In this second part the assumption of perfect foresight is dropped. I argue that due to novelty and complexity ex ante unpredictable change occurs within the three subsystems society, economy and nature. Again the simple pre-industrial model, which was introduced in part 1, serves as a simple paradigm to show how unpredictable novel change limits the possibility to derive accurate estimates of values.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Economics
10 Strategic Research Centers > Oeschger Centre for Climate Change Research (OCCR)

UniBE Contributor:

Winkler, Ralph

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

0921-8009

Publisher:

Elsevier

Language:

English

Submitter:

Ralph Winkler

Date Deposited:

28 Aug 2014 09:14

Last Modified:

15 Feb 2015 20:06

Publisher DOI:

10.1016/j.ecolecon.2005.10.004

BORIS DOI:

10.7892/boris.49825

URI:

https://boris.unibe.ch/id/eprint/49825

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