Nature’s Values: From Intrinsic to Instrumental - A review of values and valuation methodologies in the context of ecosystem services and natural capital
This paper introduces and describes the relationship between people’s values and the natural environment, specifically natural capital and ecosystem services. It examines two of the main disciplinary perspectives on values: the treatment of values in neoclassical economics, and the case for a plurality of socio-cultural values put forward by such disciplines as social psychology and ecological economics. This paper also introduces various methodologies for eliciting these values, which use either qualitative or quantitative approaches. Finally, some observations are made on the relationship with sustainability, quality of life and environmental accounting.