... is that nonuse values are consistent with neoclassical welfare theory and this theory provides a solid foundation upon which to help evaluate the desirability of many public policies" R. J. Kopp "Calculations of existence value in essence seek to employ formal economic methods to resolve matters of cultural symbolism and social ideology... it is a mistake for economists now to try to resolve such basic social disagreements in a quantitative way through cost-benefit and other formal analytic methods." D. H. Rosenthal and R. H. Nelson The concept of existence value was first raised in one of the most influential papers in environmental economics by John Krutilla (1967), where he advocated a move away from the Pigouvian approach to conservation of natural resources in terms of the optimal intertemporal utilization of natural resource stocks to an appreciation of several unique features of such resources. These included non-renewability, the possibility of option value, and existence, ...

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