One of the major hurdles in understanding commons has been translating the usefulness of commons into economic value. Valuation of commons is an approach that is widely seen to be informing policy decisions regarding the commons. Valuation is not limited to products, stocks and resources, but may also extend to different processes (social, cultural, ecological, etc.) and their outcomes. Under present conditions of increasing uncertainty and risk, strengthening strategies and institutions that contribute to ensuring the security of livelihoods are of critical importance. Commons are thus an important element for coping with variability especially for communities engaged in primary production and dependent on local resources, and contribute in securing livelihoods, including but not restricted to cash incomes. It is important to capture and understand these aspects of commoning that would otherwise go neglected.
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Cash Income
Commons do not necessarily provide monetary benefits. However, they do provide a certain level of cash income, which is often useful in procuring necessary commodities. Markets and cash incomes have historically been a regular, if limited, part of rural livelihoods and products from commons (like NTFPs) have been providing cash incomes. Discussions regarding these aspects may be shared here.
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Reciprocity and Embodied Exchange
Commons form an important element in the moral economy of embodied exchange that go beyond barter. These exchanges take place over long periods of time, and are defined by norms, assumptions, expectations, reciprocities and models of conduct that do not derive from the economy of market and exchange. Documenting and understanding their role in rural livelihoods is an area that needs greater attention.
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Security and Subsistence
Notions of moral economy also shape rights of access to commons, community management of resources and contribute to ensuring subsistence. This enhances security of communities thereby reducing their vulnerability during times of crisis. It also enhances their capacities to negotiate better with external actors, or reduces the degree of dependencies.
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Valuation of Commons
Quantifying and measuring the worth of common pool resources is an area of great challenge and importance. There are a number of benefits derived from common pool resources that do not have an assigned economic value. Various methodologies for valuation of commons have emerged to capture the benefits derived and services provided by them. Methods vary from simple procedures of equating values to complex model building for scenario planning and decision-making. The different methods used for valuation may be discussed here.
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