What does existence value refer to?

Existence value refers to the value that individuals derive simply from knowing that a resource or a species exists, regardless of any direct use or utility it may provide to them. This concept is particularly relevant in environmental economics and conservation, as it underscores the importance of biodiversity and ecosystem health beyond their immediate economic benefits.

For example, people may find satisfaction or a sense of well-being from knowing that endangered species, unique ecosystems, or natural landscapes are preserved, even if they never experience them firsthand. This value highlights people's emotional and ethical connections to the natural world, emphasizing that the existence of nature has an inherent worth that may not be reflected in market prices or directly measurable economic terms.

Other options, while related to environmental studies, do not capture the essence of the term "existence value." The market price of a resource pertains to its commercial value rather than the intrinsic value of its existence. Genetic diversity, although critical for ecosystem resilience and health, relates more to the functionality of ecosystems rather than the intrinsic appreciation of a species' mere presence. The intrinsic worth of species alludes to their value based on philosophical or ethical grounds but does not specifically describe the awareness and appreciation that drive existence value.