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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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Direct Role for Policy-makers

Incentives

Establishing the essential elements such as legal frameworks and property rights regimes is a central role for government, but often it is only the first step. In many areas of public policy there are continual refinements and improvements that need to be made in the policy apparatus. Incentives for biodiversity are an important element in internalising the value of biodiversity and getting people to alter their behaviour – by changing economic choices. By influencing the (implicit or explicit) price of various activities, incentives can create markets while correcting for the discrepancy between the private and public values of biodiversity-related goods and services. Creating markets through the use of incentive ...

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