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Daily et al. 2000. The Value of Nature and the Nature of Value. Science, 289: 395-396.

This short paper provides an introduction to the concept of "putting a price tag on nature." It provides and overview of the ecological basis for valuation of ecosystem services that flow from natural capital via ecological production functions and lays out the fundamental principles of the valuation process. It goes on to address the scope of and some of the limitations of valuation, particularly for ecosystem services that are not traded on markets, stressing the challenge of measuring both individual and social values. With examples from Australia and Costa Rica, it illustrates how payments for ecosystem services can be implemented.

Daily et al 2000.pdf — PDF document, 618Kb