RESEARCH
An Update of the Literature Supporting the Economic Benefits of Plants: Part 1 – Methods of Valuing Benefits
Summary
This paper discusses the economic benefits of plants and improved landscapes, emphasizing how these benefits can be quantified and incorporated into marketing strategies to increase the perceived value of green industry products. It points out that green industry firms should highlight how local and regional economies are affected by their products to appeal to municipal leaders and consumers.
The document also explores the concept of green infrastructure (GI), defining it as an interconnected network of green spaces that provide ecosystem services such as flood prevention, air and water quality improvements, and overall well-being. It explains that green infrastructure can offer cost savings compared to traditional gray infrastructure, particularly in stormwater management, while also increasing property values and creating green jobs. The study identifies three approaches to estimating the monetary value of ecosystem services: revealed willingness to pay, imputed willingness to pay, and stated willingness to pay. It also mentions the importance of emphasizing the social, health, and well-being benefits of plants to ensure they are seen as necessities rather than luxuries.
