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Non-market valuation Definition: Most environmental goods and services, such as clean air and water, cannot and should not be traded in markets. Economic value exists in the system people create which should not be applied onto such things. How much people would be willing to pay for them- is not revealed in market prices, thus, beyond our system of estimation. Non-market valuation method can assign monetary values to them. With these value estimates, these resources can be implicitly valued and decisions. Regardless of their use, their necessity to maintain human life is unspeakable. A fundamental distinction in economics is between market and non-market goods and services. In certain content, people may be able to buy the lands. However, just like the time range of companies and government, relations between human society and the nature shares the similar character—one is comparatively small to another. Thus, people can only own a land and its living ecosystem, while only using them. The benefit using those environmental goods and services bring to the human society are immeasurable, while we do need to measure those in a market, it requires the non-market valuation. Goods and Services in a free market economy are sold for prices that reflect a balance between the costs of production and what people are willing to pay. Some environmental goods and services, such as fish and seaweed, are traded in markets, thus their value can be directly observed. Conversely, a non-market good or service is something that is not bought or sold directly. Therefore, a non-market good does not have an observable monetary value. Examples of this include beach visits, wildlife viewing, or snorkeling at a coral reef. Still, when in the ecosystem, their position in maintaining a healthy big earth environment made their value cannot be directly observed.

Related definitions 1.Intrinsic value - The value of someone or something in and for itself, irrespective of its utility for people. 2. Nonmarket forces -In economics, nonmarket forces are those acting on economic factors from outside the market system. They include organizing and correcting factors that provide order to market and other societal institutions and organizations – economic, political, social and cultural – so that they may function efficiently and effectively as well as repair their failures. 3.Non-use value Non-use value is the value that people assign to economic goods (including public goods) even if they never have and never will use it. It is distinguished from use-value, which people derive from direct use of the good. The concept is most commonly applied to the value of natural and built resources.

See Also ^Evaluate non-market value of fishing activities Australian studies https://www.pc.gov.au/research/supporting/non-market-valuation/non-market-valuation.pdf 4 Methodology in defining the non-market value https://www.nap.edu/read/11139/chapter/6

Reference GreenFacts, based on Ecosystem Valuation http://www.ecosystemvaluation.org/Indicators/economvalind.htmhttp://www.coastalwiki.org/wiki/Evaluate_non_market_value_of_fishing_activities http://www.coastalwiki.org/wiki/Evaluate_non_market_value_of_fishing_activitieshttps://www.nap.edu/read/11139/chapter/6#111