8/

"Knowledge of the full #timeline casts a very different light, in particular on the difficulties currently encountered in the practice of #MES; far from being the expected growing pains of a young discipline, these difficulties turn out to be long-standing problems that have eluded solution over the last half-century and appear intrinsically unresolvable." [4]

#EcosystemServices #Uncertainty #ControversialMonetarisation #NonMarketValuation #PostNormalScience

5/

On aggregating uneven dimensions in ecological economics, a commentary by @blair_fix [3]

"If we decide to aggregate, then we must use a dimension with well-defined units. This truism should hardly need stating. Objective measurement requires a precisely defined unit. And yet the majority of economists seem to ignore this fact. [...] prices are a spectacularly unstable unit. [...]
The obvious alternative is to use biophysical dimensions to measure economic scale" [3]

#NonMarketValuation

3/
On the illusion of precision:
"Policy prescription may need recourse to #CostBenefitAnalysis and related concepts [...]. Yet these hyper precise cost-benefit analyses of the pandemic clash with implication which policy cannot ignore: are we looking at all numbers? Are we looking at the right numbers?" [1]

which reminds me a vast 2022 review: "There is strong evidence that valuing nature on the basis of market prices is contributing to the present biodiversity crisis" [2]

#NonMarketValuation

3/
On the illusion of precision:
"Policy prescription may need recourse to #CostBenefitAnalysis and related concepts, such as the value of a statistical life (VSL) [...]. Yet these hyper precise cost-benefit analyses of the pandemic clash with implication which policy cannot ignore: are we looking at all numbers? Are we looking at the right numbers?

To be noted, market-based solutions taken in the past have, by subsequent events, been brought into question" [1]

#uncertainty #NonMarketValuation

On the illusion of precision:

"Policy prescription may need recourse to #CostBenefitAnalysis and related concepts, such as the value of a statistical life (VSL) [...]. Yet these hyper precise cost-benefit analyses of the pandemic clash with implication which policy cannot ignore: are we looking at all numbers? Are we looking at the right numbers?

To be noted, market-based solutions taken in the past have, by subsequent events, been brought into question." [1]

#uncertainty #NonMarketValuation