Non-Market Value

Non-market value refers to the worth of environmental benefits that are not bought or sold in regular markets. This includes things like clean air, water, scenic views, and biodiversity—elements vital to well-being but not typically traded as goods. Because these services lack a direct price, economists develop methods to estimate their value, helping policymakers recognize their importance in decision-making. Essentially, non-market value highlights the significance of natural resources and environmental health beyond monetary transactions, emphasizing their role in supporting life, health, and the overall quality of our environment.