Commentary on economic valuations of biodiversity

Our planetʹs biodiversity is in steep decline. Assigning economic values to the impacts of this decline can be very useful in overcoming economic-based objections to sustainable policies at all levels of government. However, economic valuations that are not based on sound scientific analysis threaten to undermine the credibility of ecological valuations in general and could also lead policy makers to misallocate the limited resources available for conservation efforts. Researchers at Cornell University have introduced a valuation into several peer-reviewed journals that asserts that each individual bird in the United States has an average economic value of $30, and they use this valuation to estimate the economic impact of various causes of bird mortality. The $30 valuation is explained with a single sentence that lacks any discernible scientific analysis and can at best be considered a symbolic valuation. While this valuation garnered widespread media attention, it creates a dangerous precedent and could ultimately do more harm than good to native bird populations. As such, further discussion of the role of symbolic valuations in the scientific literature is warranted.