Environmental Economics

It is now widely recognised that wrong decisions have often been made because environmental services or values were not effectively accounted in decision making processes. Environmental economics is commonly understood to mean the process of placing financial values on non-market social and environmental goods and services, and has become a major area of research over the last three decades.

In practice there are significant practical and theoretical difficulties in making such transformations, and some of the techniques used are unreliable and controversial.

We take a pragmatic approach - identifying all the social, economic and environmental

costs and benefits associated with alternative actions; describing and presenting them clearly; identifying specific and important trade-offs between different kinds of value and between different stakeholder interests; and quantifying or transforming into financial terms as far as is theoretically sound and practically useful. We see environmental economics as one dimension of decision support to be used as and when appropriate.

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