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Use and NonUse values LTW TW á¦T -           =_ =f Çf

Natural resources provide humans with values and services which can be classified as use and nonuse values and services. Use values, in general, refer to the current or expected use of a natural resource. Use value has been defined as: " . . . the value to the public of recreational or other public uses of the resource, as measured by changes in consumer surplus, any fees or other payments collected by the [trustee] for a private party's use of the natural resource, and any economic rent accruing to a private party because the [trustee] does not charge a fee or price for the use of the resource." 1 Nonuse values include the value in knowing: that a natural resource will be (although there should be some degree of uncertainty) available in the future (option nonuse); that others are currently able to use the resource (vicarious nonuse); that future generations will be able to use the resource (bequest nonuse); and that the resource simply exists in addition to its other uses (inherent nonuse).

The total value of a natural resource includes the sum of its use and nonuse values. This notion, introduced by Weisbrod, was difficult to establish: " . . . [his] main objective was to show that private and social welfare may deviate with respect to the market provision of commodities that are purchased infrequently and with uncertainty . . . [and which commodities] possess characteristics of pure public goods in that individuals who may never purchase the commodity still hold a value for the option to do so." 2 In addition to infrequency and uncertainty of purchase, Weisbrod added, as a necessary condition for significant option values, a significant ___________________________________________________________

1Robert J. McManus, Esq., "Why the Ohio Case shouldn't matter," Natural Resource Journal, Winter 1994, 10...

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Use and NonUse values LTW TW á¦T -           =_ =f Çf. (1969, December 31). In LotsofEssays.com. Retrieved 23:57, June 15, 2019, from https://www.lotsofessays.com/viewpaper/1700353.html