Definition: Welfare economic value
System of Environmental-Economic Accounting
The total (or gross) economic gain associated with the quantities of a product that are transacted. They include both the consumer and producer surplus. The concept of welfare economic value differs from that of exchange value as a result of the inclusion in the former of consumer surplus.
United Nations; European Union; Food and Agriculture Organization of the United Nations (FAO); Organisation for Economic Co-operation and Development (OECD); The World Bank, "System of Environmental-Economic Accounting 2012: Experimental Ecosystem Accounting", 2014