What Are the Main Options for Applying the Multiple-Use Water Services Paradigm? - Rethinking Infrastructure Design for Multi-Use Water Services - page 56

Fig. 9 Components of total
economic value

relate to the services provided by nature (e.g. air and water puri cation, erosion

prevention) (de Groot et al. 2010 ). Non-use values is the importance attributed to
an aspect of the environment in addition to or irrespective of its use values and
could be described as the value attributed to its simple existence. Option value is
when an individual derives bene

t from ensuring that ecosystem services will be
available for use in the future (EFTEC 2005 ).

Economic Valuation Techniques (de Groot et al. 2010 )
A number of ways exist to translate economic and some socio-cultural values
of ESS into monetary values. Market prices (marginal values) exist for many
ecosystem services, especially the provisioning services such as timber and
non-timber forest products. Values of other services are often also expressed
through the market but in an indirect way, e.g. through (avoided) damage cost
methods (for regulating services), hedonic pricing (in uence of environ-

mental attributes on property value) or travel cost methods for some cultural
services such as aesthetically pleasing landscapes. Other alternatives are
contingent valuation (e.g. questionnaires measuring preferences) and bene

t

transfer (i.e. using data from comparable studies).

TEV is a useful approach even if we cannot determine monetary values for all
bene

ts. Having a monetary value for some bene t categories may be enough

justi cation for choosing a conservation option over a more resource-exploitative

alternative. In most cases, a partial monetization is more likely, more feasible and
quite possibly less risky. By less risky, we mean that any analysis must be credible
if stakeholders are to accept its

findings (TEEB 2010a ; Fig. 10 ).