Pasture-based livestock systems, often located in High Value Nature farmland areas, hold the greatest potential to deliver public goods across European agricultural systems. They play an important role in preserving agricultural landscapes, farmland biodiversity, cultural heritage, and in sustaining rural development. However, many of these functions are ignored in evaluation frameworks because public goods do not have market price and are often ignored in policy design, so farmers do not get the appropriate incentives to provide them. Different conceptual frameworks can be utilized to evaluate the multiple functions or services of these systems: Multifunctional Agriculture, Ecosystem Services, and Total Economic Value. We analyze the common characteristics of these concepts (e.g. they place human benefits and societal demands at the core of their definitions), their specificities (e.g. use of different units of analysis and spatial-temporal scales), and how they can be embedded in the wider concept of sustainability. Finally, we illustrate how the different concepts can be combined to evaluate pasture-based livestock farming systems from a socio-cultural and economic perspective. The public goods (ecosystem services) provided by representative case studies in Mediterranean and Nordic regions are quantified (also in monetary terms) under different environmental/policy scenarios. The results show that there is a clear underestimation of the socio-cultural and economic values of ecosystem services provided by these farming systems. They also show that the social welfare loss linked to further abandonment of livestock farming, and the associated environmental degradation, is very large. From a societal perspective, it is necessary to jointly measure the biophysical, socio-cultural and monetary values of ecosystem services (market and nonmarket) in order to promote the sustainability of pasture-based livestock systems.

Livestock breed-related public good functions are often used to justify support for endangered breed conservation despite the fact that little is known about such non-market values. We show how stated preference techniques can be used to assess the non-market values that people place on livestock breeds. Through the application of a case study choice experiment survey in Zamora province, Spain, the total economic value (TEV) of the threatened Alistana–Sanabresa (AS) cattle breed was investigated. An analysis of the relative importance of the non-market components of its TEV and an assessment of the socio-economic variables that influence people’s valuation of such components is used to inform conservation strategy design. Overall, the findings reveal that the AS breed had significant non-market values associated with it and that the value that respondents placed on each specific public good function also varied significantly. Functions related with indirect use cultural and existence values were much more highly valued than landscape maintenance values. These high cultural and existence values (totalling over 80% of TEV) suggest that an AS in situ conservation strategy will be required to secure such values. As part of such a strategy, incentive mechanisms will be needed to permit farmers to capture some of these public good values and thus be able to afford to maintain breed population numbers at socially desirable levels. One such mechanism could be related to the development of breed-related agritourism initiatives, with a view to enhancing private good values and providing an important addition to continued direct support. Where linked with cultural dimensions, niche product market development, including through improving AS breed-related product quality and brand recognition may also have a role to play as part of such an overall conservation and use strategy. We conclude that livestock breed conservation strategies with the highest potential to maximise societal welfare would be those that secure the breed-related functions that people value most, with appropriate in situ conservation interventions and strategies being identified accordingly.