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20 Stan. Envtl. L. J. 393 (2001)
Compensation for Lost Ecosystem Services: The Need for Benefit-Based Transfer Ratios and Restoration Criteria

handle is hein.journals/staev20 and id is 417 raw text is: Compensation for Lost Ecosystem Services: The Need for Benefit-Based Transfer Ratios and Restoration Criteria James Boyd, Dennis King, Lisa A. Wainger' I. INTRODUCTION ........................................ 393 II. EcosYsTEM EVALUATION IN PRACTICE .................. 397 A. Biophysical Assessment ........................... 397 B. Wetland Mitigation ............................... 398 C. Agricultural Reserve Programs ................... 400 D. Natural Resource Damages ....................... 401 III. SERVICE VALUATION'S ESSENTIAL COMPONENTS ......... 403 A. The Production Function ........................ 403 B. Basic Principles of Valuation ..................... 404 1. Scarcity and Substitution ..................... 404 2. Complementary Goods and Services .......... 405 3. Marginal Analysis ............................. 405 C. Valuation's Temporal Aspects .................... 406 D. Spatial Ecology, Spatial Economics ............... 407 IV. STEPS ToW~ARD BETrER REGULATORY ECOSYSTEM EVALUATION .......................................... 409 A. The Challenge of Monetized Ecosystem Benefit Estim ates ......................................... 410 B. The Need for Simpler Valuation Alternatives ..... 411 V. CONCLUSION .......................................... 412 I. INTRODUCTION Environmental trading schemes are no longer a mere gleam in the economist's eye. The celebrated success of air emission permit * Respectively, Senior Fellow, Resources for the Future, Washington, D.C.; Senior Research Scientist, University of Maryland Center for Environmental Science, Solomons, Maryland; and Research Scientist, University of Maryland Center for Environmental Sci- ence, Solomons, Maryland. This research was supported by grant R827921-01 from the United States Environmental Protection Agency's Science to Achieve Results (STAR) pro- gram. The research has not been subjected to any EPA review and thus does not necessa- rily reflect the views of the Agency and no endorsement should be inferred.

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