Concept
Cost as a proxy for value
| URI | http://vocab.nerc.ac.uk/collection/M09/current/5/1/ | ||
|---|---|---|---|
| Within Vocab | MEDIN ecosystem valuation method types | ||
| Alternative Labels | |||
| Definition | Costs can be used as proxies for value, but can provide information about benefits or value only under specific and limited conditions. First, there must be multiple ways to produce an equivalent amount and quality of the ecosystem service. Second, the value of the ecosystem service must be greater than or equal to the cost of producing the service via this alternative means, so that society would be better off paying for replacement rather than choosing to forego the ecosystem service. | ||
| Date | 2013-11-14T10:15:17 | ||
| Identifier | SDN:M09::5 | ||
| Note | accepted | ||
| Is Version Of | 5 | ||
| version | 1 | ||
| Narrower | M10:24 |
Habitat equivalency analysis | |
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