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Environmental and Ecosystem Services in Benefit–Cost Analysis.

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Title: Environmental and Ecosystem Services in Benefit–Cost Analysis.
Authors: Fenichel, Eli P.1 (AUTHOR) eli.fenichel@yale.edu, Olander, Lydia2 (AUTHOR), Tallis, Heather3 (AUTHOR)
Source: Review of Environmental Economics & Policy. Summer2025, Vol. 19 Issue 2, p238-247. 10p.
Subject Terms: *Environmental agencies, Ecosystem services, Cost benefit analysis, Regulatory compliance, Budget management, Value (Economics), Scholarly method, Regulatory reform
Abstract: The 2023 reissuance of US Office of Management and Budget Circular A-4 and related federal activities to modernize regulation have elevated the importance of services from the environment—broadly known as ecosystem services—and have clarified guidance for accounting for their value. These changes emphasize the importance of ecosystem services in federal benefit–cost analysis, provide clear entry points that make it easier and more transparent for agencies and stakeholders to include ecosystem services in benefit–cost analysis, and document advances in the literature showing that ecosystem services can be credibly and robustly included in such analysis. Here, we provide an overview of the updates, highlight changes, explain how the updates clarify when and how to include ecosystem services in federal benefit–cost analysis, and discuss opportunities for research on the economics of ecosystem services. [ABSTRACT FROM AUTHOR]
Copyright of Review of Environmental Economics & Policy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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  Data: Environmental and Ecosystem Services in Benefit–Cost Analysis.
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  Data: <searchLink fieldCode="AR" term="%22Fenichel%2C+Eli+P%2E%22">Fenichel, Eli P.</searchLink><relatesTo>1</relatesTo> (AUTHOR)<i> eli.fenichel@yale.edu</i><br /><searchLink fieldCode="AR" term="%22Olander%2C+Lydia%22">Olander, Lydia</searchLink><relatesTo>2</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Tallis%2C+Heather%22">Tallis, Heather</searchLink><relatesTo>3</relatesTo> (AUTHOR)
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  Data: <searchLink fieldCode="JN" term="%22Review+of+Environmental+Economics+%26+Policy%22">Review of Environmental Economics & Policy</searchLink>. Summer2025, Vol. 19 Issue 2, p238-247. 10p.
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  Data: *<searchLink fieldCode="DE" term="%22Environmental+agencies%22">Environmental agencies</searchLink><br /><searchLink fieldCode="DE" term="%22Ecosystem+services%22">Ecosystem services</searchLink><br /><searchLink fieldCode="DE" term="%22Cost+benefit+analysis%22">Cost benefit analysis</searchLink><br /><searchLink fieldCode="DE" term="%22Regulatory+compliance%22">Regulatory compliance</searchLink><br /><searchLink fieldCode="DE" term="%22Budget+management%22">Budget management</searchLink><br /><searchLink fieldCode="DE" term="%22Value+%28Economics%29%22">Value (Economics)</searchLink><br /><searchLink fieldCode="DE" term="%22Scholarly+method%22">Scholarly method</searchLink><br /><searchLink fieldCode="DE" term="%22Regulatory+reform%22">Regulatory reform</searchLink>
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  Data: The 2023 reissuance of US Office of Management and Budget Circular A-4 and related federal activities to modernize regulation have elevated the importance of services from the environment—broadly known as ecosystem services—and have clarified guidance for accounting for their value. These changes emphasize the importance of ecosystem services in federal benefit–cost analysis, provide clear entry points that make it easier and more transparent for agencies and stakeholders to include ecosystem services in benefit–cost analysis, and document advances in the literature showing that ecosystem services can be credibly and robustly included in such analysis. Here, we provide an overview of the updates, highlight changes, explain how the updates clarify when and how to include ecosystem services in federal benefit–cost analysis, and discuss opportunities for research on the economics of ecosystem services. [ABSTRACT FROM AUTHOR]
– Name: AbstractSuppliedCopyright
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  Data: <i>Copyright of Review of Environmental Economics & Policy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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        Value: 10.1086/735769
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      – Code: eng
        Text: English
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        PageCount: 10
        StartPage: 238
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      – SubjectFull: Environmental agencies
        Type: general
      – SubjectFull: Ecosystem services
        Type: general
      – SubjectFull: Cost benefit analysis
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      – SubjectFull: Regulatory compliance
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      – SubjectFull: Budget management
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      – SubjectFull: Value (Economics)
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      – SubjectFull: Scholarly method
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      – SubjectFull: Regulatory reform
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            – D: 01
              M: 07
              Text: Summer2025
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              Y: 2025
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