FUNDAMENTAL THEORIES OF ENVIRONMENTAL VALUATION: A CONCEPTUAL AND EVOLUTIONARY ANALYSIS

Abstract

This article provides a concise and progressive analysis of the main theories related to Environmental Economic Valuation (EEV). Initially grounded in microeconomic concepts related to welfare, such as Consumer Surplus and Pareto Optimality, the discussions evolve to address the market imperfections that justify intervention in the environmental sphere. Pigou's theory of externalities and the market approach proposed by the Coase Theorem are highlighted. Decision criteria for public policies, such as the Kaldor-Hicks compensation principle, and theoretical refinements, such as Hicksian measures of welfare variation, are examined. The article explores the development of the concept of value, culminating in the framework of Total Economic Value (TEV), which encompasses use, non-use, and option values. Furthermore, a detailed analysis of the Opportunity Cost Method (OCM) is dedicated as an essential tool for valuing conservation, situating it in contemporary contexts such as Payments for Environmental Services (PES), environmental accounting (Green GDP), and carbon credit pricing. The text concludes that, despite its methodological and ethical limitations, the theoretical framework of the OCM represents a fundamental resource for internalizing environmental costs and supporting decision-making in favor of sustainable development.