This paper explores how we can understand and measure the value of non-human animals’ lives in economic terms. It explains why this kind of valuation matters—for shaping conservation policies, recognising different kinds of value (like usefulness, emotional connection, and inherent worth), and supporting better decision-making. We start by outlining the basic ideas behind economic valuation, including how it views markets, values, and human behaviour. Then, we look at some of the main criticisms, especially around fairness, power dynamics, and the role of institutions. Finally, we suggest that including public discussion and participation in the valuation process can help capture a broader range of values and lead to more inclusive and effective policies.