At a minimum, open space will always possess intangible values which are in addition to any calculation of monetary values. Examples include clean water, clean air, biological diversity scenic vistas, community character and viewing wildlife that typically depend in part on the habitat provided by open space. Open space can also produce common property resourcesresources that are owned in common, rather than privately, by some defined group of co-owners. Use value results from current use of the resource. Option value represents an individual's willingness to pay to maintain the option of using a resource at some time in the future.
Existence value represents an individual's willingness to pay to ensure that some resource exists.
One concern environmentalists have with traditional attempts to calculate the value of open space is the use of a discount rate to arrive at the net present value of future benefits over a specified timeframe. Present value calculations are well-suited to capital equipment with a measurable life of 50 years or less. To the extent that the use of a discount rate cannot be avoided, however, a low rate should be utilized. Turco, Douglas M. December 1994. Measuring the Economic Impact of Recreation Special Events.