Economists on Environmental and Natural Resources: News, Opinion, and Analysis

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Existence value

Posted on June 29, 2008

Definition: Willingness to pay for the existence of an environmental resource without on-site use. It can be motivated by an ecological ethic, altruism toward others or bequests to future generations. Example:One of Earth's last frontiers lies off the Carolina coast, on the cold, black ocean bottom 1,200 feet below the waves. Scientists are just beginning to explore these deep-water coral reefs, possibly millions of years old, that stretch from North Carolina to Florida. They form pristine oases, alive with fish, crabs and creatures that one researcher said look like Dr. Seuss went crazy down...

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