Non-use
values, also referred to as Òpassive
useÓ values – values that
are not associated with actual use, or even the option to use a good or
service.
Opportunity
Cost – The value of the best alternative to a given choice, or the value of
resources in their next best use. In regard to
time, the opportunity
cost of time spent on one activity is the value of the best alternative
activity that the person might engage in at that time.
Option
value – the value that people place on having the option to enjoy something in
the future, although they may not currently use it.
Producer
surplus – the difference between the total amount earned from a good (price
times quantity sold) and the production costs.
Public
goods – goods that may be enjoyed by any number of people without
affecting other peoplesÕ enjoyment. For example, an aesthetic view is a pure public good. No matter how
many people enjoy the view, others can also enjoy it.