Total economic value (TEV) is a concept in cost–benefit analysis that refers to the value derived by people from a natural resource, a man-made heritage resource or an infrastructure system, compared to not having it.
It appears in environmental economics as an aggregation of the (main function based) values provided by a given ecosystem.
[1] The value of an ecosystem can be distinguished as: Total economic value is the price of the customer's best alternative (the reference value) plus the economic value of whatever differentiates the offering from the alternative (the differentiation value).
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