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Contingent Value Management The value of natura

hased only infrequently. Moreover, rapid expansion of their means of production may be difficult. Therefore, although such goods are rarely needed, the option to purchase them acquires considerable significance.

Weisbrod also argued that irreversibility was necessary for nonuse values. With regard to natural resources, possible uses may include activities which are both compatible and incompatible with the environment. When the adverse consequences of development permanently compromise a natural resource, nonuse value becomes more important.

Krutilla (cited in Cicchetti & Wilde, 1992, pp. 1121-1125) elaborated on Weisbrod's hypotheses. In addition to irreversibility, the researcher further identified uniqueness and non-reproducibility as contributing to nonuse values. For example, areas with unique geomorphology such as the Grand Canyon have high nonuse value. Likewise, non-reproducible areas such as various ecosystems also have nonuse value. In particular, Krutilla emphasized the requirement that "there be 'no adeq

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Contingent Value Management The value of natura. (1969, December 31). In LotsofEssays.com. Retrieved 21:43, May 18, 2024, from https://www.lotsofessays.com/viewpaper/1701193.html