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Price and Value in Env. Law: What’s a Polar Bear Worth?

Price and Value in Env. Law: What’s a Polar Bear Worth?. Can you find a market price?. Use Value Marketed commodities (timber from forests, food fish) Nonmarketed commodities (hiking). Nonuse Values Option value Existence value Bequest value. Two kinds of value:. Establishing Use Values.

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Price and Value in Env. Law: What’s a Polar Bear Worth?

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  1. Price and Value in Env. Law: What’s a Polar Bear Worth?

  2. Can you find a market price?

  3. Use Value Marketed commodities (timber from forests, food fish) Nonmarketed commodities (hiking) Nonuse Values Option value Existence value Bequest value Two kinds of value:

  4. Establishing Use Values • Market price • Appraisal • Nonmarket methodologies (e.g., contingent valuation)

  5. Option Value (nonuse) • “I’m not a current user, but I might want to use it someday.” • Options can have market value (stocks, real estate) but generally don’t for nonconsumptive uses

  6. Existence Value (nonuse) • “I’m not using it, I’m not going to use it, but just knowing it’s there makes me feel better.” • Existence has some social value (e.g., endangered species), but there is no market for it (except contributions to enviro organizations?)

  7. Bequest Value (nonuse) • “I don’t use it, I won’t use it, and I don’t personally care whether it’s there—but I’d like to pass it on to future generations.” • Property law suggests that we do favor at least some bequest values, but there are no markets.

  8. Missing from these definitions: • Biocentric value (e.g., “animal rights”) • Ecosystem services

  9. So, what is the value of polar bears?

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