A complex systems approach to the value of ecological resources

Straton, A. (2006) A complex systems approach to the value of ecological resources. Ecological Economics, 56 3: 402-411. doi:10.1016/j.ecolecon.2005.09.017


Author Straton, A.
Title A complex systems approach to the value of ecological resources
Journal name Ecological Economics   Check publisher's open access policy
ISSN 0921-8009
Publication date 2006
Sub-type Article (original research)
DOI 10.1016/j.ecolecon.2005.09.017
Volume 56
Issue 3
Start page 402
End page 411
Total pages 10
Editor C.J. Cleveland
Place of publication Amsterdam
Publisher Elsevier Science Bv
Collection year 2006
Language eng
Subject C1
340202 Environment and Resource Economics
729999 Economic issues not elsewhere classified
Abstract A theory of value sits at the core of every school of economic thought and directs the allocation of resources to competing uses. Ecological resources complicate the modem neoclassical approach to determining value due to their complex nature, considerable non-market values and the difficulty in assigning property rights. Application of the market model through economic valuation only provides analytical solutions based on virtual markets, and neither the demand nor supply-side techniques of valuation can adequately consider the complex set of biophysical and ecological relations that lead to the provision of ecosystem goods and services. This paper sets out a conceptual framework for a complex systems approach to the value of ecological resources. This approach is based on there being both an intrinsic quality of ecological resources and a subjective evaluation by the consumer. Both elements are necessary for economic value. This conceptual framework points the way towards a theory of value that incorporates both elements, so has implications for principles by which ecological resources can be allocated. (c) 2005 Elsevier B.V. All rights reserved.
Keyword Ecological Resources
Economic Value
Complex Systems
Ecology
Environmental Sciences
Economics
Ecosystem Services
Choice
Models
Q-Index Code C1

Document type: Journal Article
Sub-type: Article (original research)
Collections: 2007 Higher Education Research Data Collection
School of Economics Publications
 
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Created: Wed, 15 Aug 2007, 09:40:37 EST