Bequest value

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.[1] [2]

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.[3]

References

  1. ↑ Greenley, Douglas A., et al., Option Value: Empirical Evidence From a Case Study of Recreation and Water Quality, Quarterly Journal of Economics, Vol. 96, No. 4. (Nov., 1981), pp. 657-673.
  2. ↑ Urban Practitioners for English Heritage, The Heritage Dividend Methodology: Measuring the impact of heritage projects, 2005, http://www.helm.org.uk/upload/pdf/Heritage-Dividend-Methodology.pdf.
  3. ↑ Perman, Roger, et al., 2003, Natural Resource and Environment Economics, Pearson, 3rd edition, pp. 401-403.
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