"Biodiversity prospecting" has been touted as a mechanism for both discovering new pharmaceutical products and saving endangered ecosystems. It is unclear what values may arise from such activities, however. Evidence from transactions is incomplete and existing theoretical models are flawed. We...

Since at least the time of von Thünen's contributions to the subject, economists have been interested in explaining land use in the hinterlands. This interest has grown with increasing societal demands on remaining forested areas and concern for the nonmarket resources generated by such...