While biodiversity loss is an ecological phenomenon, it also has further dimensions - political, social and, last but not least, economic. From the economic perspective, the rapid loss of biological diversity can be viewed in two ways. First, the consequence of this deterioration process is a loss of options and an increase in scarcity of the environmental 'good', biodiversity. Second, economic activity and the structure of global and local economic institutions have frequently been identified as the major drivers of biodiversity loss. In economic terms, this constitutes a market failure -...