Dynamic Contingent Valuation and Choice Modelling for Ecosystem Services
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Non market valuation and bio economic modelling are combined in a dynamic
model of ecosystem services. A mathematical proof demonstrates that the imputed
price of natural capital contains all non market values and that scarcity rent is the
total value of ecosystem services. A dynamic demand system, including
characteristics is derived. New methods are developed for dynamic welfare analysis
and both revealed and stated preference methods are proposed for estimating the price
of natural capital. Estimation is simple if we avoid surveying consumers who degrade
the ecosystem and instead consult owners who accrue the scarcity rent and conserve
for the future.