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Bequest Value
Bequest value, in economics, is the Value (economics), value of satisfaction from preserving a natural environment or a historic environment, in other words natural heritage or cultural heritage for future generations. 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. References Environmental economics {{econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value (economics)
In economics, economic value is a measure of the benefit provided by a goods, good or service (economics), service to an Agent (economics), economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a person is willing and able to pay for a good or service?” Value for money is often expressed in comparative terms, such as "better", or "best value for money", but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money. Among the competing schools of economic theory there are differing Theory of value (economics), theories of value. Economic value is ''not'' the same as Price, market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Environment
The natural environment or natural world encompasses all life, biotic and abiotic component, abiotic things occurring nature, naturally, meaning in this case not artificiality, artificial. The term is most often applied to Earth or some parts of Earth. This environment encompasses the interaction of all living species, climate, weather and natural resources that affect human survival and economic activity. The concept of the ''natural environment'' can be distinguished as components: * Complete ecological units that function as natural systems without massive civilized human intervention, including all vegetation, microorganisms, soil, rock (geology), rocks, plateaus, mountains, the atmosphere of Earth, atmosphere and list of natural phenomena, natural phenomena that occur within their boundaries and their nature. * Universal natural resources and phenomenon, physical phenomena that lack clear-cut boundaries, such as air, water and climate, as well as energy, radiation, electric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Heritage
Natural heritage refers to the sum total of the elements of biodiversity, includes flora and fauna, ecosystems and geological structures. It forms part of our natural resources. Definition Definitions: * Natural heritage refers to natural features, geological and physiographical formations and delineated areas that constitute the habitat of threatened species of animals and plants and natural sites of value from the point of view of science, conservation or natural beauty. * Heritage is that which is ''inherited'' from past generations, maintained in the present, and bestowed to future generations. The term "natural heritage", derived from "natural inheritance", pre-dates the term "biodiversity". It is a less scientific term and more easily comprehended in some ways by the wider audience interested in conservation. The term was used in this context in the US when Jimmy Carter set up the Georgia Heritage Trust while he was governor of Georgia; Carter's trust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cultural Heritage
Cultural heritage is the heritage of tangible and intangible heritage assets of a group or society that is inherited from past generations. Not all heritages of past generations are "heritage"; rather, heritage is a product of selection by society. Cultural heritage includes cultural property, tangible culture (such as buildings, monuments, landscapes, archive materials, books, works of art, and artifacts), intangible heritage, intangible culture (such as folklore, traditions, language, and knowledge), and natural heritage (including culturally significant landscapes, and biodiversity).Ann Marie Sullivan, Cultural Heritage & New Media: A Future for the Past, 15 J. MARSHALL REV. INTELL. PROP. L. 604 (2016) https://repository.jmls.edu/cgi/viewcontent.cgi?article=1392&context=ripl The term is often used in connection with issues relating to the protection of Indigenous intellectual property. The deliberate action of keeping cultural heritage from the present for the future is known ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quarterly Journal Of Economics
''The Quarterly Journal of Economics'' is a peer-reviewed academic journal published by the Oxford University Press for the Harvard University Department of Economics. Its current editors-in-chief are Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer, and Stefanie Stantcheva. History It is the oldest professional journal of economics in the English language, and second-oldest in any language after the . It covers all aspects of the field—from the journal's traditional emphasis on micro-theory to both empirical and theoretical macroeconomics. Reception According to the ''Journal Citation Reports'', the journal has a 2015 impact factor of 6.662, ranking it first out of 347 journals in the category "Economics". It is generally regarded as one of the top 5 journals in economics, together with the '' American Economic Review'', ''Econometrica'', the '' Journal of Political Economy'', and '' The Review of Economic Studies''. Notable papers Some of the most inf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Environmental Service
Ecosystem services are the various benefits that humans derive from ecosystems. The interconnected living and non-living components of the natural environment offer benefits such as pollination of crops, clean air and water, decomposition of wastes, and flood control. Ecosystem services are grouped into four broad categories of services. There are ''provisioning services'', such as the production of food and water; ''regulating services'', such as the control of climate and disease; ''supporting services'', such as nutrient cycles and oxygen production; and ''cultural services'', such as recreation, tourism, and spiritual gratification. Evaluations of ecosystem services may include assigning an economic value to them. For example, estuarine and coastal ecosystems are marine ecosystems that perform the four categories of ecosystem services in several ways. Firstly, their provisioning services include marine resources and genetic resources. Secondly, their supporting services inclu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Existence Value
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."John Krutilla: ''Conservation Reconsidered''. In: The American Economic Review, Volume 57, Issue 4, Sep. 1967, pp. 777-786 As the Canadian Privy Council explains, 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 (simpl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-use Value
Non-use value is the value that people assign to economic goods (including public goods) even if they never have and never will use it. It is distinguished from use value, which people derive from direct use of the good. The concept is most commonly applied to the value of natural and built resources. Non-use value as a category may include: * " option value" – the value placed on individual willingness to pay for maintaining an asset or resource even if there is little or no likelihood of the individual actually ever using it, occurring because of uncertainty about future supply (the continued existence of the asset) and potential future demand (the possibility that it may someday be used). * " bequest value" – values placed on individual willingness to pay for maintaining or preserving an asset or resource that has no use now, so that it is available for future generations. *" Existence value" – an unusual and somewhat controversial class of economic value, reflecting the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
