According to University of Maryland economist Peter Cramton, companies are able to submit non-binding, low-ball bids, resulting in prices that are far below any reasonable profit level.

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This manifests in a variety of ways, including the glacial pace of progress on an international, legally-binding climate agreement, the relatively low priority given to the Convention on Biological Diversity, the lack of understanding of the importance of natural capital in ensuring human survival, and the tiny budget allocated to conservation in most countries.

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