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'''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."<ref name="Conservation Reconsidered 1967">John Krutilla: ''Conservation Reconsidered''. In: The American Economic Review, Volume 57, Issue 4, Sep. 1967, pp. 777-786</ref>

[http://www.pco-bcp.gc.ca/raoics-srdc/default.asp?Language=E&Page=glossary As the Canadian Privy Council explains] {{Webarchive|url=https://web.archive.org/web/20060907123640/http://www.pco-bcp.gc.ca/raoics-srdc/default.asp?Language=E&Page=glossary |date=2006-09-07 }}, 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 (simply being there), and an [[option value]] (value of things that it could be used for). Existence value is separate from the value accruing from any use or potential use of the asset."{{Citation needed|date=October 2007}}

These values are commonly measured through [[contingent valuation]] surveys and have been actionable damages in the US since {{cite court |litigants=State of Ohio v. United States Department of the Interior |vol=880 |reporter=F.2d |opinion=432 |court=U.S. App. D.C. 109 |date=1989 |url=http://restoration.doi.gov/pdf/laws_Ohio1989.pdf}}. They were used in a legal assessment of damages following the [[Exxon Valdez oil spill]].

==See also==
*[[Ecosystem services]]
*[[Value of Earth]]

== References ==
{{reflist}}

{{DEFAULTSORT:Existence Value}}
[[Category:Environmental economics]]

Existence value - Revision history

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