Payments for Ecosystem Services (PES) programs have been implemented globally to protect ecosystems while securing the well-being of affected people. Reasonable payment standards are key to successful PES programs. Although some approaches are available for determining payment standards, few studies have applied them for grassland conservation with location indicators and socioeconomic contexts properly considered. Using China’s first pilot Grassland Ecological Compensation Policy (GECP) as an example, we analyzed the effects of payment levels, other natural...