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Economics: The Next Frontier in Conservation Science

February 13, 2017 |

This article was originally published on The Nature Conservancy.

“Engaging in markets is not new for The Nature Conservancy. But with our roots as a land trust, we thought about markets in a very specific way. We bought property to protect biodiversity using donor and public funding. We were in the market for “externalities.”

Externalities are by-products of economic activity that impact other parties without being reflected in the cost of the goods or services involved. In the case of traditional property purchases and sales, the ecological, scientific, recreational and other benefits of biodiversity are rarely fully priced into the market value of the properties even when public and private funders may have a very high willingness to pay for them. For example, a property that provides valuable habitat for endangered coho salmon is not usually offered at a premium…”

Read on at: The Nature Conservancy.

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