The term "option value" and its theoretical underpinnings as a non-user benefit were initially developed in 1964 by Burton Weisbrod.[12] It was posited as an element of benefit distinct from the traditional concept of consumer surplus, and it depended on three factors: (1) uncertainty about future need for the asset, (2) irreversibility or high cost of replacement if the asset is lost, and (3) non-storability of the asset. That was followed by an active academic debate about the concept, and refinement of its measurement. Some economists further developed its distinction from consumer surplus and role as an uncertainty risk aversion premium,[13][14] leading to the suggestion that a concept of "option price" may be more appropriate.[15] Others stressed the irreversibility aspect of the resource and further specified the framework for valuing avoidance of that risk,[16][17][18][19] with suggestions to adopt a concept of "quasi option value" or "irreversibility effect."