Economic valuation of ecosystem services: a systematic review

Abstract

The economic valuation of ecosystem services is key in an era characterized by the acceleration of environmental deterioration linked to economic growth. However, there is still no consensus on the most appropriate methods, so that the proposals arising from economics differ substantially from those coming from the natural sciences. The aim of this paper is to present an advance in a possible disciplinary integration based on the review of publications in this area; to this end, the Tree of Science (ToS) algorithm was used to compile and analyze the information obtained from the Web of Science and Scopus databases. A total of 1922 consolidated records were obtained, which allowed identifying that 2017 is the year with the largest number of sources. Most of the research is generated in a few countries, with Latin American countries being the scarcest. In conclusion, the seminal works on this subject tend to value the economic, ecological and social services of ecosystems, unlike traditional methods in economics that privilege economic services; however, such research aims to maintain the valuation in monetary terms in the way it is done in economics. This review shows the need for research on valuation of ES in Latin America, given the ecological, economic and social peculiarities that characterize the region.