HL.b.8—Use vs. non-use values

Separate use and non-use values.

Use value comes from direct or indirect benefits; non-use value reflects existence, option or bequest concerns even without current consumption.

A person may pay to protect a wetland they never visit because they value its existence or future availability.

State whose value, which time horizon and whether willingness-to-pay is a defensible measure.

Key idea: Separate use and non-use values.

Non-use value is not “no value” just because no product is taken.