Biological diversity has constituted the focal point of environmental economics and public politics increasingly over recent years. Ecological and economic approaches guide the determination of accurate policies for a sustainable future and in drawing an efficient roadmap. Based on an extensive literature review, this study reveals both the importance and limitations of studies aimed at the economic value of biological diversity within the descriptive analysis and the method of group evaluation. In this study, it is shown directly that, studies which are based solely on biodiversity are seen to be insufficient. It is said that, the use values and non-use values of biodiversity to be determined as monetary and it is understood that, further policies can be developed on this subject. This study targeted an interpretation of the economic valuation concept by approaching key studies aimed at building bridges between a nation’s ecology and its economy. Revealing the value of the biological diversity both quantitatively and qualitatively, these studies reflect the difficulty in not only assessing the accurate evaluation regarding species and genetic differences, but also the ecological and economic substitution of possible biological diversity losses.
Key words: Biological diversity, economic valuation, species diversity, ecosystem diversity, bio-prospecting value.
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