How many dimensions of biodiversity do we need?

Biodiversity is not a commodity, nor a service (ecosystem or otherwise), it is a scientific measure of the complexity of a biological system. Rather than directly valuing biodiversity, economists have tended to value its services, more often the services of 'key' species. This is understandable given the confusion of definitions and measures of biodiversity, but weakly justified if biodiversity is not substitutable. We provide a quantitative and comprehensive definition of biodiversity and propose a framework for examining its substitutability as the first step towards valuation. We define biodiversity as a measure of semiotic information. It is equated with biocomplexity and measured by Algorithmic Information Content (AIC). We argue that the potentially valuable component of this is functional information content (FIC) which determines biological fitness and supports ecosystem services. Inspired by recent extensions to the Noah's Ark problem, we show how FIC/AIC can be calculated to measure the degree of substitutability within an ecological community. From this, we derive a way to rank whole communities by Indirect Use Value, through quantifying the relation between system complexity and production rate of ecosystem services. Understanding biodiversity as information evidently serves as a practical interface between economics and ecological science.