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Handbook of Market Creation for Biodiversity

Issues in Implementation

image of Handbook of Market Creation for Biodiversity

Striking the right balance between the conservation/sustainable use and the loss of biodiversity requires accounting for all the impacts of its destruction. Weighing the loss against any potential benefits will ensure that the social, as well as economic, well-being of everyone are at the best levels possible. Market-based economic systems have the potential to ensure that such a balancing occurs, but require that all the impacts of its loss, or use, have been fully internalised into market transactions.

This book shows how public policy in the form of market creation can be used to internalise the loss of biodiversity. It promotes the use of markets to ensure that our collective preferences for conservation and sustainable use are reflected in economic outcomes.

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Conceptual Framework

An Economic Approach

Market creation is largely concerned with putting in place the frameworks that guide self-interested behaviour on the part of stakeholders toward socially (environmentally) beneficial outcomes. The essential element of a market is that prices are determined by the collective supply and collective demand of individuals willing to exchange goods and services. For biodiversity, this definition requires some refinement. Biodiversityrelated goods and services often have characteristics that are public, i.e. they do not exhibit complete rivalry and excludability in the marketplace. The various tools that governments have at their disposal can, however, mitigate some of these characteristics and thus make goods and services derived from biodiversity ...

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