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Option value (cost–benefit analysis)
*''For use in Finance, see Option time value''
In cost–benefit analysis and social welfare economics, the term option value refers to the value that is placed on private willingness to pay for maintaining or preserving a public asset or service even if there is little or no likelihood of the individual actually ever using it. The concept is most commonly used in public policy assessment to justify continuing investment in parks, wildlife refuges and land conservation, as well as rail transportation facilities and services. It is also recognized as an element of the total economic value of environmental resources.
This concept of “option value” in cost–benefit analysis is different from the concept used in finance, where the term refers to the valuation of a financial instrument that provides for a future purchase of an asset. (See Option time value.) However, the two can be related insofar as both can be interpreted as a valuation of risk factors.
==Application==
In the environmental research literature, option value is commonly interpreted as the value of preserving threatened natural resources so that they might be available for use in the future. It has been applied for establishing the value of preserving wildlife habitats,〔Brookshire, D.S., L.S. Eubanks and R.A. Randall, 1983. “Estimating Option Prices and Existence Values in Wildlife Resources,” Land Economics, 69: 1-15〕 wilderness areas,〔Walsh, R.G., J.B. Loomis and R.A. Gillan, 1984. “Valuing Option, Existence and Bequest Demands for Wilderness,” Land Economics, 60: 14-29〕 and water recreation resources.〔Greenley, D.A., R.G. Walsh and R.A.Young, 1981. “Empirical Evidence from A Case of Recreation and Water Quality,” Quarterly Journal of Economics, 96 (4): 657-573〕 In the transportation research literature, option value is most commonly interpreted as estimated the value that non-users are willing to pay to ensure continued availability of a rail transport facility and its service (as an option that will be available in the future).〔Roson, R. 2000. “Social Cost Pricing when Public Transport is an Option Value,” Innovation 13 (1): 81-94.〕 It is recognized as a type of benefit to be considered in cost benefit evaluation of transportation investment alternatives by the UK Department for Transport〔Department for Transport, England. 2004. Transport Analysis Guidance〕 and the Scottish Government,〔Scottish Government, 2009, Review of Economic Assessment in Rural Transport Appraisal〕 and has also been used for assessment of regional rail projects in the Netherlands.〔Geurs, K., R. Haaijer, and B. Van Wee. 2006. “Option Value of Public Transport: Methodology for Measurement and Case Study for Regional Rail Links in the Netherlands,” Transport Reviews, 26 (5):613-643〕 In the US, option value is recognized in several transportation benefit-cost analysis guides, including those of the Transportation Research Board’s Committee on Transportation Economics,〔TRB Economics Committee, 2010, Transportation Benefit-Cost Analysis, Equity and Option Value Benefits, web guide. http://bca.transportationeconomics.org/benefits/equity-benefits〕 the Transit Cooperative Research Program,〔EcoNorthwest and Parsons Brinckerhoff, 2002. Estimating the Benefits and Costs of Public Transit Projects: A Guidebook for Practitioners, Transit Cooperative Research Program, Report 78, Transportation Research Board, Washington, DC〕 and the Victoria Transport Policy Institute.〔Victoria Transport Policy Institute, 2009. Transportation Cost and Benefit Analysis II , Ch.5.9: Transportation Diversity〕
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