Economic Valuation

{
  "id": "MLC-T-ENV-008914",
  "term": "Economic Valuation",
  "field": "Environment",
  "definition": "1. Quantification of the benefits and increase in well-being experienced by individuals and society as a result of a change, typically measured and expressed in monetary terms. In the context of ecosystem services, it is the quantification of benefits derived from an increase in ecosystem services. From an economic analysis perspective, it is often the practice of measuring individuals', households', or firms' maximum willingness and ability to pay for the change.\n\n2. A measure of how much a good matters to people and how it affects an individual's perceived or actual well-being, which is connected to satisfaction level from an action or activity. Encompasses its financial value plus all of the other values to society that are not traded in a market.",
  "subject": "Ecosystems",
  "references": [
    "NESCS Plus Glossary; National Ecosystem Classification System (NESCS) Plus Glossary",
    "EPA Subject Matter Expert - Thurston"
  ],
  "url": "https://mlchart.com/terminology/environment/economic-valuation/"
}