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The concept of value ought to take into account both economic and social concerns so that the society as a whole and their environment are in a balanced state of equilibrium. Therefore to adequately reflect the true value of the water resource, the valuation should also define the relationship between society and nature and how the interface between society and the ecosystems has evolved over a period of time...
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The willingness to pay (WTP) measures what a consumer is willing to pay for a resource in a market but would not be applicable in certain societies where different mechanisms such as barter, kinship, reciprocity etc coordinate the exchange of goods. Therefore it is crucial to include both the socio-economic and natural scientific aspects in the TEV of the water resource...
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