Environmental value concepts

RICS Insight Paper ‘Value of natural capital - the need for chartered surveyors’ published by the Royal Institution of Chartered Surveyors in 2017 defines a number of environmental value concepts:

[edit] Altruistic value

‘The value we place on the knowledge that environmental resources are available for other beneficiaries even if no personal benefit is derived from them.’

[edit] Bequest value

‘The value we place on the knowledge that environmental resources will be available for future generations, even if no personal benefit is derived from them.’

[edit] Economic value

‘Worth to particular people or to society as a whole. Can mean the same as social value and societal value.’

[edit] Existence value

‘The value we place on the existence of environmental resources irrespective of human use or engagement with them.’

[edit] Non-use value

‘A collective term for altruistic, bequest and existence value.’

[edit] Option value

‘The value of knowing that resources will be available to us in future, even if we don’t use them now.’

[edit] Total economic value

‘Portmanteau phrase to characterise and value the benefits that people receive from the environment.’

[edit] Use value

‘The value of personal benefits from use of the natural environment. These personal benefits may be direct and indirect, they may be from present use and future use.’

Ref https://www.rics.org/globalassets/rics-website/media/knowledge/research/insights/value-of-natural-capital-the-need-for-chartered-surveyors-rics.pdf

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