|
Existence Value
Existence values are a 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 prominent example of non-use value, as they do not require that utility be derived from direct use of the resource: the utility comes from simply knowing the resource exists. The idea was first introduced by John V. Krutilla in his essay "Conservation Reconsidered."John Krutilla: ''Conservation Reconsidered''. In: The American Economic Review, Volume 57, Issue 4, Sep. 1967, pp. 777-786 As the Canadian Privy Council explains existence value is "A concept used to refer to the intrinsic value of some asset, normally natural/environmental. It is the value of the benefits derived from the asset's existence alone. For example, a tree can be valued in a number of ways, including its use value (as lumber), an existence value (simpl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Value
In economics, economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is willing and able to pay for the good or service"? Among the competing schools of economic theory there are differing theories of value. Economic value is ''not'' the same as market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "consumer surplus". It is easy to see situations where the actual value is considerably larger than the market price: purchase of drinking water is one example. Overview The economic value of a good or service has puzzled economists since the beginning of the discipline. First, econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Antarctica
Antarctica () is Earth's southernmost and least-populated continent. Situated almost entirely south of the Antarctic Circle and surrounded by the Southern Ocean, it contains the geographic South Pole. Antarctica is the fifth-largest continent, being about 40% larger than Europe, and has an area of . Most of Antarctica is covered by the Antarctic ice sheet, with an average thickness of . Antarctica is, on average, the coldest, driest, and windiest of the continents, and it has the highest average elevation. It is mainly a polar desert, with annual precipitation of over along the coast and far less inland. About 70% of the world's freshwater reserves are frozen in Antarctica, which, if melted, would raise global sea levels by almost . Antarctica holds the record for the lowest measured temperature on Earth, . The coastal regions can reach temperatures over in summer. Native species of animals include mites, nematodes, penguins, seals and tardigrades. Where ve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grand Canyon
The Grand Canyon (, yuf-x-yav, Wi:kaʼi:la, , Southern Paiute language: Paxa’uipi, ) is a steep-sided canyon carved by the Colorado River in Arizona, United States. The Grand Canyon is long, up to wide and attains a depth of over a mile (). The canyon and adjacent rim are contained within Grand Canyon National Park, the Kaibab National Forest, Grand Canyon–Parashant National Monument, the Hualapai Indian Reservation, the Havasupai Indian Reservation and the Navajo Nation. President Theodore Roosevelt was a major proponent of the preservation of the Grand Canyon area and visited it on numerous occasions to hunt and enjoy the scenery. Nearly two billion years of Earth's geological history have been exposed as the Colorado River and its tributaries cut their channels through layer after layer of rock while the Colorado Plateau was uplifted. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-use Value
Non-use value is the value that people assign to economic goods (including public goods) even if they never have and never will use it. It is distinguished from use value, which people derive from direct use of the good. The concept is most commonly applied to the value of natural and built resources. Non-use value as a category may include: * " option value" – the value placed on individual willingness to pay for maintaining an asset or resource even if there is little or no likelihood of the individual actually ever using it, occurring because of uncertainty about future supply (the continued existence of the asset) and potential future demand (the possibility that it may someday be used). * " bequest value" – values placed on individual willingness to pay for maintaining or preserving an asset or resource that has no use now, so that it is available for future generations. *"Existence value" – an unusual and somewhat controversial class of economic value, reflecting the b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John V
John V may refer to: * Patriarch John V of Alexandria or John the Merciful (died by 620), Patriarch of Alexandria from 606 to 616 * John V of Constantinople, Patriarch from 669 to 675 * Pope John V (685–686), Pope from 685 to his death in 686 * John V of Jerusalem, Greek Orthodox Patriarch of Jerusalem in 706–735 * John V the Historian or Hovhannes Draskhanakerttsi, Catholicos of Armenia from 897 to 925 * John V of Gaeta (1010–1040) * John V of Naples (died 1042), Duke from 1036 to 1042 * John V, Count of Soissons, (1281–1304) * John V, Margrave of Brandenburg-Salzwedel (1302–1317) * John V Palaiologos (1332–1391), Byzantine Emperor from 1341 * John V, Count of Sponheim-Starkenburg (1359–1437), German nobleman * John V, Lord of Arkel (1362–1428) * John V, Duke of Brittany (1389–1442), Count of Montfort * John V, Duke of Mecklenburg (1418–1443) * John V, Count of Hoya (died 1466), nicknamed ''the Pugnacious'' or ''the Wild'' * John V, Count of Armagnac ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Option Value
Option or Options may refer to: Computing *Option key, a key on Apple computer keyboards *Option type, a polymorphic data type in programming languages * Command-line option, an optional parameter to a command *OPTIONS, an HTTP request method Literature * ''Options'' (novel), a novel by Robert Sheckley * ''Option'' (car magazine), a Japanese car magazine * ''Option'' (music magazine), a defunct American music magazine Legal rights *Option (aircraft purchasing) * South Tyrol Option Agreement, a forced resettling contract between fascist Italy and Nazi Germany regarding the German-speaking inhabitants of South Tyrol *Option (filmmaking), a contractual agreement between a film producer and a writer, in which the producer obtains the right to buy a screenplay from the writer before a certain date. *Option (finance), an instrument that conveys the right, but not the obligation, to engage in a future transaction (for example, on some underlying security or on a parcel of real pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contingent Valuation
Contingent valuation is a survey-based economic technique for the valuation of non- market resources, such as environmental preservation or the impact of externalities like pollution. While these resources do give people utility, certain aspects of them do not have a market price as they are not directly sold – for example, people receive benefit from a beautiful view of a mountain, but it would be tough to value using price-based models. Contingent valuation surveys are one technique which is used to measure these aspects. Contingent valuation is often referred to as a ''stated preference'' model, in contrast to a price-based '' revealed preference'' model. Both models are utility-based. Typically the survey asks how much money people would be willing to pay (or willing to accept) to maintain the existence of (or be compensated for the loss of) an environmental feature, such as biodiversity. History Contingent valuation surveys were first proposed in theory by S.V. Ciria ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exxon Valdez Oil Spill
The ''Exxon Valdez'' oil spill occurred in Prince William Sound, Alaska, on March 24, 1989. '' Exxon Valdez'', an oil supertanker owned by Exxon Shipping Company bound for Long Beach, California struck Prince William Sound's Bligh Reef, west of Tatitlek, Alaska at 12:04 a.m. and spilled (or 37,000 tonnes) of crude oil over the next few days. The ''Exxon Valdez'' spill is the second largest in U.S. waters, after the 2010 ''Deepwater Horizon'' oil spill, in terms of volume of oil released. Prince William Sound's remote location, accessible only by helicopter, plane, or boat, made government and industry response efforts difficult and made existing response plans especially hard to implement. The region is a habitat for salmon, sea otters, seals, and seabirds. The oil, extracted from the Prudhoe Bay Oil Field, eventually affected of coastline, of which were heavily or moderately oiled. Spill ''Exxon Valdez'' was carrying of oil, of which approximately were spi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ecosystem Services
Ecosystem services are the many and varied benefits to humans provided by the natural environment and healthy ecosystems. Such ecosystems include, for example, agroecosystems, forest ecosystem, grassland ecosystems, and aquatic ecosystems. These ecosystems, functioning in healthy relationships, offer such things as natural pollination of crops, clean air, extreme weather mitigation, and human mental and physical well-being. Collectively, these benefits are becoming known as ecosystem services, and are often integral to the provision of food, the provisioning of clean drinking water, the decomposition of wastes, and the resilience and productivity of food ecosystems. While scientists and environmentalists have discussed ecosystem services implicitly for decades, the Millennium Ecosystem Assessment (MA) in the early 2000s popularized this concept. There, ecosystem services are grouped into four broad categories: ''provisioning'', such as the production of food and water; '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Of Earth
The value of Earth, i.e. the net worth of our planet, is a debated concept both in terms of the definition of value, as well as the scope of "Earth". Since most of the planet's substance is not available as a resource, "earth" has been equated with the sum of all ecosystem services as evaluated in ecosystem valuation or full-cost accounting. The price on the services that the world's ecosystems provide to humans has been estimated in 1997 to be $33 trillion per annum, with a confidence interval of from $16 trillion to $54 trillion. Compared with the combined gross national product (GNP) of all the countries at about the same time ($18 trillion) ecosystems would appear to be providing 1.8 times as much economic value as people are creating. The result details have been questioned, in particular the GNP, which is believed to be closer to $28 trillion (which makes ecosystem services only 1.2 times as precious), while the basic approach was readily acknowledged. The World Ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
_pollinating_Avocado_cv.jpg "Click for more on -> Ecosystem Services")
