Reply to Phelps et al: Liability rules provide incentives to protect natural capital | Zendy

Stephen Polasky | Zendy; Anne D. Guerry | Zendy; Jane Lubchenco | Zendy; Mary Ruckelshaus | Zendy

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Reply to Phelps et al: Liability rules provide incentives to protect natural capital

Author(s) -

Stephen Polasky,

Anne D. Guerry,

Jane Lubchenco,

Mary Ruckelshaus

Publication year - 2015

Publication title -

proceedings of the national academy of sciences

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 5.011

H-Index - 771

eISSN - 1091-6490

pISSN - 0027-8424

DOI - 10.1073/pnas.1516116112

Subject(s) - liability , incentive , business , law and economics , natural (archaeology) , economics , microeconomics , finance , biology , paleontology

Pursuit of multiple avenues can speed incorporating the value of natural capital and ecosystem services into operations of individuals and institutions, such as businesses, government, development banks, nongovernmental institutions, and households. As Phelps et al. (1) rightly point out, the PNAS Special Feature (2) and much of the existing literature have not focused extensively on incorporating impacts on ecosystem services into liability for environmental damages. Like Payment for Ecosystem Services schemes, liability for damages caused to ecosystem services creates incentives to …

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