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Valuing ecosystem services: A shadow price for net primary production - ScienceDirect
Source: sciencedirect.com
Article summary:
1. This article analyzes the contribution of ecosystem services to GDP and uses this contribution to calculate an empirical price for ecosystem services.
2. Net primary production is used as a proxy for ecosystem services and, along with capital and labor, is used to estimate a Cobb Douglas production function from an international panel.
3. The production function is used to calculate the marginal product of net primary production, which is the shadow price for ecosystem services.
Article analysis:
The article “Valuing Ecosystem Services: A Shadow Price for Net Primary Production” provides an interesting analysis of how ecosystems contribute to economic activity and how this contribution can be used to calculate a shadow price for ecosystem services. The authors use net primary production as a proxy for ecosystem services and estimate a Cobb Douglas production function from an international panel in order to calculate the marginal product of net primary production, which represents the shadow price for these services.
The article appears to be well-researched and reliable, as it draws on data from multiple sources such as NOAA/AVHRR satellite data, Penn World Tables, and International Geosphere–Biosphere Programme. Furthermore, the authors provide detailed explanations of their methodology and results, making it easy to follow their argumentation.
However, there are some potential biases that should be noted when evaluating this article. First, the authors focus mainly on developed nations in their analysis; while they do mention developing nations in passing, they do not provide any detailed analysis or discussion about them. This could lead to a one-sided view of the issue that does not take into account all relevant perspectives. Additionally, while the authors discuss various types of ecosystem services (provisioning services, regulating services, cultural services), they focus primarily on provisioning and regulating services; thus other important aspects such as cultural or spiritual values may be overlooked or undervalued in their analysis.
Finally, while the authors provide evidence that net primary production contributes positively to economic output at both local and global scales, they do not explore any potential risks associated with increasing net primary production beyond certain levels (e.g., overharvesting). Thus readers should keep in mind that there may be unintended consequences associated with increasing net primary production beyond certain levels that are not discussed in this article.