Abstract
This chapter talks of the inherent problems on why markets on environment and natural resources and the associated ecosystem services may fail, or have failed in some of the recent instances. The fundamental reason for this, as stated in this chapter, is the divergence of the market prices from the value of the environmental resource. As argued here, the problem essentially lies in the fact that prices discovered in the market framework do not reflect the true scarcity value of the resource under consideration.
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