ABSTRACT
Value is a plural concept, spanning multiple meanings and necessitating a broad and inclusive approach to recognition and incorporation into decision-making. Valuation entails substantially more than narrow monetization, with the millennium assessment (MA) categorization of ecosystem services reflecting qualitative differences in services and their associated value systems. A tiered approach to valuation, from semi-quantitative assessment to 'value transfer' and up to bespoke valuation studies, facilitates valuation of changes in ecosystem services on a systemic and proportionate basis, including services that have often been formerly overlooked. Values are not always preformed in people's minds. Many, particularly those shared by communities rather than held individually, may be revealed only through deliberation rather than simple survey methods. Both benefits and disbenefits across the spectrum of ecosystem services have to be determined and taken into account in formulating optimally beneficial decisions. This chapter discusses the economics of ecosystems and biodiversity (TEEB) and the UK national ecosystem assessment provide other approaches to valuation.
