The value of an ecosystem can be distinguished as:
Use value — Can be split into Direct and Indirect use values:
Direct use value: Obtained through a removable product in nature (i.e.,
timber,
fish,
water).
Indirect use value: Obtained through a non-removable product in nature (i.e., sunset,
waterfall).
Non-use value — Values for existence of the natural resource. For example, knowing that
tigers are in the
wild, even though you may never see them.
Option value: Placed on the potential future ability to use a resource even though it is not currently used and the likelihood of future use is very low. This reflects the willingness to preserve an option for potential future use.
Total economic value is the price of the customer's best alternative (the
reference value) plus the
economic value of whatever differentiates the offering from the alternative (the differentiation value).
^Plottu, Eric; Plottu, Béatrice (2007). "The concept of Total Economic Value of environment: A reconsideration within a hierarchical rationality". Ecological Economics. 61 (1): 52–61.
doi:
10.1016/j.ecolecon.2006.09.027.