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Economically valuing nature resources to promote conservation: An empirical application to C hile's national system of protected areas
Author(s) -
Figueroa Eugenio,
Pasten Roberto
Publication year - 2014
Publication title -
papers in regional science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.937
H-Index - 64
eISSN - 1435-5957
pISSN - 1056-8190
DOI - 10.1111/pirs.12036
Subject(s) - nature conservation , natural resource economics , business , environmental planning , environmental resource management , environmental protection , economics , geography , ecology , biology
Starting from the framework proposed by the Millennium Ecosystem Assessment ( MEA ) − which conceptually links nature's services with human wellbeing − we design and also apply empirically what we have called the total economic value calculating matrix ( TEVCM ) to estimate the monetary value of the annual flow of benefits provided by C hile's national system of protected areas ( NSPA ). The calculated economic value of this flow amounts to US $2.55 billion per year. We also analyse the relevance and usefulness of the methodology we propose and use the valuation exercise presented to extract some normative lessons regarding nature conservation in C hile as well as in developing countries rich in natural resource endowments.