Open AccessThe Tragedy of Ecosystem Services
Author(s) -
Christopher L. Lant,
J. B. Ruhl,
Steven E. Kraft
Publication year - 2008
Publication title -
bioscience
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.761
H-Index - 209
eISSN - 1525-3244
pISSN - 0006-3568
DOI - 10.1641/b581010
Subject(s) - ecosystem services , natural capital , business , incentive , ecosystem valuation , natural resource economics , property rights , ecosystem , provisioning , natural resource , goods and services , payment for ecosystem services , environmental resource management , economics , ecosystem health , ecology , market economy , computer science , biology , microeconomics , telecommunications
Brief Abstract. Current economic,incentives encourage the development,of private lands for marketable commodities,at the expense of ecosystem services. Reinforcing this market failure, property law assigns no legal rights to ecosystem services. Abstract.Derived from funds of natural capital, ecosystem services contribute greatly to human welfare yet are rarely traded in markets. Supporting, regulating, and some cultural and provisioningecosystem services are decliningdue to a complex social trap, the “tragedy of ecosystem services,” consisting partly of the over-useof common-pool resources. Additionally, current economic incentives encourage the development of
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