Evaluation of Ecological Service Value in Project Decision
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Zhimin Hou, Jieya Liu and Hong Fang
In this paper, ecosystem service value (ESV) valuation models is presented to serve the need of a comprehensive cost-benefit analysis. Environmental cost is subdivided into environmental degradation cost, and environmental mitigating cost. To quantify environmental degradation cost, Equivalent Factor Method (EFM) is employed to generate monetized ecosystem value. As for environmental mitigation cost, Life Cycle Cost Analysis is adopted to quantify negative environmental influence. Two models are applied on Ankang Airport Project to evaluate the projects’ true value. The presented model contains more comprehensive factors, hence better decisions can be made.
Ecosystem service value (ESV), Equivalent Factor Method (EFM), Environmental cost