Bequest value
Encyclopedia
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.
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.
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, is the value
Value (economics)
An economic value is the worth of a good or service as determined by the market.The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods...
of satisfaction from preserving a natural environment
Natural environment
The natural environment encompasses all living and non-living things occurring naturally on Earth or some region thereof. It is an environment that encompasses the interaction of all living species....
or a historic environment, in other words natural heritage
Natural heritage
Natural heritage is the legacy of natural objects and intangible attributes encompassing the countryside and natural environment, including flora and fauna, scientifically known as biodiversity, and geology and landforms ....
or cultural heritage
Cultural heritage
Cultural heritage is the legacy of physical artifacts and intangible attributes of a group or society that are inherited from past generations, maintained in the present and bestowed for the benefit of future generations...
for future generations.
It is often used when estimating the value of an environmental service or good. Together with the existence value
Existence value
Existence values are an unusual and somewhat controversial class of economic value, reflecting the benefit people receive from knowing that a particular environmental resource, such as Antarctica, the Grand Canyon, endangered species, or any other organism or thing exists.Existence value is a...
, it makes up the non-use value of such an environmental service or good.