Bequest value explained

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]

Notes and References

1. Greenley, Douglas A., et al., Option Value: Empirical Evidence From a Case Study of Recreation and WaterQuality, 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. Book: Natural Resource and Environment Economics. 3. Perman, Roger. et al. 0273655590. 2003. Pearson. 401–403. 2018-06-18. 2018-06-18. https://web.archive.org/web/20180618102355/https://eclass.unipi.gr/modules/document/file.php/NAS247/tselepidis/ATT00106.pdf. dead.