An evaluation of monetary and non-monetary techniques for assessing the importance of biodiversity and ecosystem services to people in countries with developing economies

Biodiversity supports a range of ecosystems services that are of fundamental importance to people in poor countries. Economic valuation of biodiversity is important for the development of policies that protect biodiversity and alleviate poverty. This paper provides an evaluation of monetary and non-monetary techniques for assessing the value of biodiversity to people in least developed countries (LDCs). Specifically, research questions include:1) To what extent have monetary and non-monetary techniques been used to assess the value of biodiversity and ecosystem services in LDCs?2) What are the key methodological, practical, epistemological and policy challenges to assessing the value of biodiversity and ecosystem services in LDCs?3) How can valuation methods be improved to allow more accurate valuation in LDCs? (C) 2012 Elsevier B.V. All rights reserved.