Concern over social equity dominates current debates about payments for ecosystem services and reduced deforestation and forest degradation (REDD+). Yet, despite the apprehension that these initiatives may undermine equity, the term is generally left undefined. This paper presents a systematic framework for the analysis of equity that can be used to examine how local equity is affected as the global value of ecosystem services changes. Our framework identifies three dimensions that form the content (the what) of equity. The first, distributive equity, addresses the distribution of benefits and costs. The second, procedural equity, refers to decision-making. These are linked by the third dimension, contextual equity, which incorporates the p...