ecosystem valuation
EE-koh-sis-tum val-yoo-AY-shun
ˈiːkoʊˌsɪstəm ˌvæljuˈeɪʃənListen
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Dictionary meaning
the process of estimating the economic value of goods and services provided by ecosystems, including provisioning services such as food and fresh water, regulating services such as flood control and carbon sequestration, cultural services such as recreation and spiritual value, and supporting services such as soil formation and nutrient cycling; valuation methods include market pricing for traded goods, hedonic pricing for non-traded goods such as clean air and scenic landscapes, contingent valuation using survey-based willingness to pay, and benefit transfer where values from one context are applied to another; ecosystem valuation remains contested because of the philosophical difficulty of placing monetary values on living systems and the technical challenges of capturing all relevant dimensions of value
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