What is existance value?

Existence value refers to the value that people place on the mere existence of a natural resource or ecosystem, regardless of whether or not they use it directly. For example, a person may value the existence of a forest for its biodiversity and aesthetic qualities, even if they never visit the forest or benefit from its resources. Existence value is often used in economic calculations of the benefits and costs associated with environmental policies and conservation efforts. It is a concept that attempts to capture the non-material benefits that natural resources provide to people, such as the sense of wonder and inspiration that comes from observing the beauty of nature.