Journal article

Publication year: 2002

Pages: 33-47

Journal: Ecological Economics

Volume number: 43

Issue number: 1

ISSN: 0921-8009

DOI Link: https://doi.org/10.1016/S0921-8009(02)00170-2

Publisher: Elsevier

Abstract: 
This paper discusses the potential for modeling nature and man in an exchange economy. We will firstly be outlining the need for exchange values in addition to the usual human evaluation of nature. Secondly, we will be reviewing some basic exchange economy ideas, arguing that these ideas can be adopted to a mutually beneficial exchange between humans and nature. Thirdly, in a formal model, we will show how the assumption that a 'civic society' can be adapted to a principal agent approach, whereby humans are the principal and nature is the agent. Issues such as property rights-an objective concerning nature-and services to be exchanged will be introduced. This will include the derivation of a behavioral equation for nature as anticipated by humans. Fourthly, a principal-agent framework delivers a mutually beneficial exchange; such as land for labor, and given property rights. Derived genuine exchange values are interpreted as relative prices reflecting 'human and natural objectives'. Fifthly, the aforementioned problem will be extended to a world with undefined property rights, and hints will be given to how this world can be modeled. Potential applications, conflicting questions, such as human welfare versus fitness of nature, and the distribution of rights will be discussed. (C) 2002 Elsevier Science B.V. All rights reserved.

Harvard Citation style: Nuppenau, E. (2002) Towards a genuine exchange value of nature: interactions between humans and nature in a principal-agent-framework, Ecological Economics, 43(1), pp. 33-47. https://doi.org/10.1016/S0921-8009(02)00170-2

APA Citation style: Nuppenau, E. (2002). Towards a genuine exchange value of nature: interactions between humans and nature in a principal-agent-framework. Ecological Economics. 43(1), 33-47. https://doi.org/10.1016/S0921-8009(02)00170-2