Option Value

{
  "id": "MLC-T-ENV-019735",
  "term": "Option Value",
  "field": "Environment",
  "definition": "1. Value to know something will exist for use in the future.\n\n2. The amount an individual would be willing to pay to preserve (or would have to be paid to get him to sell) his option to participate in some activity or to use some resource at some future time, whether or not he ever actually participates or uses the resource. (After Cicchetti and Fisher 1973)\n\n3. The value for sustaining the existence of a good or service into the future so that one has the option to use it if needed or desired at a later date. Although option value is sometimes characterized as a non-use value, because it does not involve current use, it is more accurately described as a value associated with \"uncertain future use.\"",
  "subject": "Ecosystems",
  "references": [
    "EPA Subject Matter Expert - Thurston",
    "USDA Forest Service Wildland Planning Glossary",
    "National Ecosystem Classification System (NESCS) Plus Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/option-value/"
}