David Pearce and the economic valuation of biodiversity |
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Authors: | R David Simpson |
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Institution: | (1) Paul H. Nitze School of Advanced International Studies, Johns Hopkins University, 1619 Massachusetts Avenue, NW, Washington, DC 20036, USA;(2) National Center for Environmental Economics, United States Environmental Protection Agency, Washington, DC, USA;(3) Elliott School of International Affairs, George Washington University, Washington, DC, USA |
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Abstract: | David Pearce was a pioneer in the economic valuation of biodiversity. His work powerfully influenced both later economists
who worked in the field and natural scientists and practitioners who gained and appreciation of the importance of economics
to their efforts. Pearce often applied the paradigm of demonstration followed by appropriation: the values of biodiversity
must first be demonstrated to those who make decisions concerning its survival, and then appropriated by them. The later step
will be possible when market and policy failures are rectified so as to allow the realization of conservation values. While
Pearce wrote extensively on these themes, he was also acutely aware of the limitations of the paradigm. Rosy projections of
values that could not be realized and appropriated would be of little practical use, and Pearce often cautioned against excesses
of optimism. Yet he also clearly believed that there are compelling, if not always easily demonstrated, reasons for conservation.
I argue in this paper that Pearce’s seminal work on the valuation of biodiversity cannot be understood without some appreciation
of his philosophical perspective. Pearce would have described himself as a pragmatist. However, his pragmatism was grounded
in the belief that it is both expedient and ethical to recognize that communities in some of the poorest corners of the world
will only conserve biodiversity if they are justly compensated for the sacrifices they must make to do so.
Associate Professor of International Policy, Paul H. Nitze School of Advanced International Studies, Johns Hopkins University;
Economist, National Center for Environmental Economics, United States Environmental Protection Agency; and Research Associate,
Elliott School of International Studies, George The opinions expressed here are those of the author, and do not necessarily
express the views of the United States Environmental Protection Agency. |
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Keywords: | Biodiversity Valuation Stated preference Ethics Development Market failure Policy failure Appropriation |
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