Value of biodiversity. October 25, 2020 October 25, 2020 Dr. MP Mishra Leave a Comment on Values of Biodiversity, its Loss and Importance The word ‘Value’ has different meanings. This means, there is an ethical value or existence value attached to each species. Aesthetic Value: Great aesthetic value is attached to biodiversity. There is thus an urgent need to take all possible steps to reduce the rate of biodiversity loss in Africa. The multiple uses of biodiversity or biodiversity value has been classified by McNeely et al. benefits of biodiversity in forests can be estimated by observing how much people are prepared to pay to travel to see this wildlife. However, its compatibility with the welfare economic foundations of economic valuation is very limited - it is difficult to logically conceive of changes in existence. Existence value has been argued to be a significant part of the total economic value of some ecosystems. The total value of biodiversity in forests comprises both use and non-use values. They argue that ‘existence value’, based on simply knowing that a species exist, is a sufficient reason to protect and preserve it. The conservation of biodiversity on the other hand is about saving life on Earth in all its forms and keeping natural ecosystems functioning and healthy. However, its compatibility with the welfare economic foundations of economic valuation is very limited – it is difficult to logically conceive of 5. The latter is probably a better estimate of the full existence value of biodiversity, since respondents were faced with absolute losses rather than, say, the reduction in species diversity. Resource Type: Text. Social values Social value of biodiversity lies in the more and more use of resources by affluent societies. Existence value has been argued to be a significant part of the total economic value of some ecosystems. Existence value has been argued to be a significant part of the total economic value of some ecosystems. Downloadable! Economists typically subdivide utilitarian or use values of biodiversity into direct use value for those goods that are consumed directly, such as food or timber, and indirect use value for those services that support the items that are consumed, including ecosystem functions like nutrient cycling. Number: 2. As the needs of the society change , so must the methods of satisfying those needs. The economic or utilitar-ian values of biodiversity rely upon the dependence of man on biodiversity; products that nature can provide: wood, Given its undeniable value, it is disturbing that biodiversity is so obviously and so widely being used unsustainably, or wantonly destroyed for short term commercial gain. Indirect values would include ethical or moral value, existence value, ecological value, aesthetic value, cultural or spiritual value, option value and scientific or educational value. Biodiversity is the name given to the variety of life forms that develop in a natural environment. Existence value has been argued to be a significant part of the total economic value of some ecosystems. right to continued existence” (5). No 2/2017, UFZ Discussion Papers from Helmholtz Centre for Environmental Research (UFZ), Division of Social Sciences (ÖKUS) Abstract: Existence value has been argued to be a significant part of the total economic value of some ecosystems. Biodiversity: The Ocean’s Role. The species that inhabit the region are important as well as the ecological function that each one fulfills, which in some way allows the existence of all the others. Stated simply, the environment refers to the surroundings or space in which persons, animals and plants live or operate. A species potential to provide an economic benefit to human society at some point in the future is its option value. Biodiversity has cultural value to humans as well, for spiritual or religious reasons for instance. It is further subdivided into direct, indirect and optional values. Bishop (in press) used CVM to estimate the existence values for Wisconsin’s bald eagles and striped shiners (a rather obscure freshwater fish). Bennett (1984) used CVM to estimate the existence value of a unique ecosystem that survives in a remote part of the coastline of southeastern Australia. This is more of a philosophical concept, which can be thought of as the inalienable right to exist. value constitutes a small portion of total biodiver-sity value. However, its compatibility with the welfare economic foundations of economic valuation is very limited - it is difficult to logically conceive of changes in existence. We can quantify this set of things using money. The book reviews the economic approach and the available evidence on the economic value of biodiversity The term `biological diversity', often shortened to `biodiversity', is an umbrella term used to