Economics of Protecting Endangered Species

Abstract

Endangered species have economic value even if there are no markets for these species. They have existence value and the value we place on future generations being able to enjoy them. Recognition of that choice involves forgoing other alternatives. In the real world budgets prevent saving all species. Even Noah would have had to make choices because his Ark was not large enough to accommodate all species. Preservation is only one of many societal values we must choose among. It is important to choose the alternative actions that provide the biggest physical bang for a buck even when the benefits of preservation options are difficult to monetize.