“…Early PES research has noted that context matters for the interpretation of PES impacts (Landell‐Mills and Porras, ). The growing literature on the classification of PES also emphasizes the need to characterize context (Wunder, ; Porras et al , ; Sommerville et al , ; Swallow et al , ; Muradian et al , ; Vatn, ; Karsenty, ; Shelley, ; Pirard, ; Tacconi, ; van Noordwijk et al , ; Wunder, ; Hausknost et al , ; Huber‐Stearns et al , ). Syntheses of PES findings increasingly point to institutional and socio‐ecological contextual factors in explaining its impacts (Wunder, ; Wunder et al , ; Angelsen, ; Greiber, ; Muradian et al , ; Pascual et al , ; Vatn, ; Ferraro, ; Corbera, ; Raes et al , ).…”