A link between behavior, information, and existence value

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Abstract
The paucity of implicit markets and observable behavior that reveals existence value has raised questions about the validity and importance of existence value. A model of existence value with information is developed to show how past behavior leads to information that generates existence value. The authors find that information is acquired via observable behavior and willingness to pay depends on acquired information. This link between information acquisition through behavior and formation of existence values strengthens the notion that existence values are derived from observable behavior.