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Abstract
This paper presents a theoretical discussion concerning possibilities for designing
environmental value articulation procedures that respect the basic non-economic
character of ecological phenomena. The question of how to estimate the economic
value of ecosystem services contributions is a particularly important issue for
agricultural economics because of the dependence of agricultural production on the
life cycles and biological viability of ecosystems (sic Georgescu-Roegen, 1966).
Distinguishing between two basic types of ecosystem services values – demand vs
supply based – this paper aims to describe a theoretical context within which it may
be possible to develop recommendations regarding procedures and associated
institutional structures that can support the expression of economically relevant
measures of the economic worth of a given ecological phenomena that are also
ecologically sound. Finally it is proposed that there are strong synergies between the
problem structure of this issue and the theoretical contributions of Herbert Simon,
concerning bounded rationality and further work on the details of these links is
recommended.