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Insurance value of biodiversity in the Anthropocene is the full resilience value
Stockholm University, Faculty of Science, Stockholm Resilience Centre.ORCID iD: 0000-0002-6649-5232
Stockholm University, Faculty of Science, Stockholm Resilience Centre.ORCID iD: 0000-0002-4617-6197
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Number of Authors: 132023 (English)In: Ecological Economics, ISSN 0921-8009, E-ISSN 1873-6106, Vol. 208, article id 107799Article in journal (Refereed) Published
Abstract [en]

Recently two distinctly different conceptualisations of insurance value of biodiversity/ ecosystems have been developed. The ecosystem framing addresses the full resilience value without singling out subjective risk pref-erences. Conversely, the economic framing focuses exactly on this subjective value of risk aversion, implying that the insurance value is zero for risk neutral persons. Here we analyse the differences conceptually and empirically, and relate this to the broader socio-cultural dimensions of social-ecological resilience. The uncertainty of the Anthropocene blurs the distinction between subjective/objective. We show that the economic framing has been operationalised only in specific cases while the broader literature on resilience, disaster risk reduction, and nature-based solutions tend to address the full value of resilience. Yet, the empirical literature that relates to insurance value of biodiversity is hardly consistent with resilience theory because the slow underlying variables defining resilience are rarely addressed. We suggest how the empirical literature on insurance value can be better aligned with resilience theory. Since the ecosystem framing of insurance value captures the essence of the resilience, we propose using the concept resilience value as it may reduce the present ambiguity in terminology and conceptualisation of insurance value of biodiversity.

Place, publisher, year, edition, pages
2023. Vol. 208, article id 107799
Keywords [en]
Insurance value of ecosystems, Natural insurance value, Ecosystem services, General resilience, Specified resilience
National Category
Biological Sciences Earth and Related Environmental Sciences Social Sciences Interdisciplinary
Identifiers
URN: urn:nbn:se:su:diva-216361DOI: 10.1016/j.ecolecon.2023.107799ISI: 000955367700001Scopus ID: 2-s2.0-85149864622OAI: oai:DiVA.org:su-216361DiVA, id: diva2:1751281
Available from: 2023-04-17 Created: 2023-04-17 Last updated: 2023-05-03Bibliographically approved

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Hahn, ThomasElmqvist, ThomasFolke, Carl

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