Slide 6: The components of total economic value
The total economic value can therefore be divided into use and non-use options. The use values are obviously more easily assessed, particularly the direct use values, for which a market value can be provided from those industries already in the area. Indirect use values are more challenging, incorporating biological support to other industries, and the physical benefits of intact ecosystems (or, conversely, the economic costs of fixing damaged ecosystems). The non-use values are much more challenging to assess, since they incorporate many intangible values, such as the bequest value (the value of preserving resources for the use of future generations), and the existence value (the value from knowledge that the resource will continue to exist - especially for threatened and endangered species). Other non-use values are the option value (preservation for future direct and indirect use), and quasi-option values (such as the expected new information to be obtained from an untapped system). Clearly, the assessment of the total economic value of an ecosystem is challenging in the extreme.