EXISTENCE VALUES IN BENEFIT-COST-ANALYSIS AND DAMAGE ASSESSMENT

Existence values for obscure resources should not be ruled out a priori because consumers have limited time and resources for information gathering. Furthermore, to the extent that environmental "good things" are highly substitutable, existence values must be cautiously interpreted when evaluating public choice alternatives, but similar concerns do not arise in damage assessments. Issues associated with adding up existence values across resources, high per unit values, and property rights in the existence of resources are also addressed.