A typology of values

Philosophers dispute the meaning of the word value and whether, however defined, value
resides in the objects of interest (objective value) or is conferred upon the object by the entity
engaging in the act of valuation (subjective value). Any attempt to classify types of value will
therefore be tendentious, but the following broad categories are often found to be helpful:
a) Instrumental or functional value (anthropocentric).
b) Intrinsic or (eco-centric)
Instrumental value derives from some objective function, goal or purpose that is being
sought. As an example, economic value relates to the goal of maximizing human wellbeing (or
welfare, or utility), where well-being has a particular connotation, namely that someones wellbeing is said to be higher in situation A than situation B if they prefer A to B. It is immediately
obvious that economic value is anthropocentric and it is preference based. This value is
found in the functional forms and aesthetic nature of natural resources. An instrumental
element is found in the aesthetic value of the natural resources since appreciating beauty affords
pressure and a sense of well-being.
Intrinsic value is mainly a non-instrumental value. This value can further be divided into
absolute and moral values (see Figure 7). Intrinsic value is often regarded as being a value that
resides in the asset in question, and especially environmental assets, but which is independent
of human preferences.