Bequest value

Bequest value, in economics, is the value of satisfaction from preserving a natural environment or a historic environment, in other words natural heritage or cultural heritage for future generations.[1][2]

It is often used when estimating the value of an environmental service or good. Together with the existence value, it makes up the non-use value of such an environmental service or good.[3]

References
  1. Greenley, Douglas A., et al., Option Value: Empirical Evidence From a Case Study of Recreation and Water Quality, Quarterly Journal of Economics, Vol. 96, No. 4. (Nov., 1981), pp. 657-673.
  2. Urban Practitioners for English Heritage, The Heritage Dividend Methodology: Measuring the impact of heritage projects, 2005, http://www.helm.org.uk/upload/pdf/Heritage-Dividend-Methodology.pdf.
  3. Perman, Roger; et al. (2003). Natural Resource and Environment Economics (PDF) (3 ed.). Pearson. pp. 401–403. ISBN 0273655590.


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