why do outbound links provide value
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My personal view on outbound is that you do this primarily for your visitors. It's a long-term thing, and outbound links are really not always easy. Quite a few strictly corporate sites don't have outbound links. Imho, the types of sites that can get away with this and still offer a good experience are very content-rich and continually updated sites. Anything else will get the "dead end - been there" stamp.
That's the user-perspective, not the SE-perspective. I doubt that there is a short-term positive effect in terms of certain search engines, but i do think that there is a long-term effect, even if indirect.
There's this crazy asymmetrical thing; If everybody maximized (G)PR, then nobody would want outbound, but everybody would want inbound. Supply and demand would make the price level very high for a link then. Perhaps we should start looking for small signs of payment for inclusion in dm*z? Then again, the SE spiders thrive on links - in the long run, SE's will not benefit from a strategy that removes the bot food. If you don't feed the bots, the SE's will suffer, so a strategy that favours one-way links seem suicidial in the long run.