A Critique of the use of Existence Values in the Evaluation of Water Resources Development Projects
2006
Regens, James L.
Within the U.S. Army Corps of Engineers (USACE), new authorities are providing enhanced opportunities as well as requirements to foster environmentally sustainable development. Emphasis on incorporating the magnitude of shifts in the value of environmentally-oriented goods and services into project decision making, however, gives rise to the need for adequate techniques for measuring potential benefits and costs in monetary terms. Economic valuation involves consideration of the direct use of environmental resources through such activities as recreation and commercial fishing. It also potentially involves implicit, if not explicit, consideration of non-use or non-consumptive values, such as existence and option values. Existence values can be defined as the satisfaction an individual receives from simply knowing an environmental amenity exists, or will continue to exist, even though the individual will never use it. This paper provides an assessment of the state-of-the-art for measuring existence values, and an appraisal of appropriate roles for the concept in USACE decision making.
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