diff --git a/src/dotenv/variables.py b/src/dotenv/variables.py
index 667f2f26..719e4108 100644
--- a/src/dotenv/variables.py
+++ b/src/dotenv/variables.py
@@ -64,7 +64,16 @@ def __hash__(self) -> int:
     def resolve(self, env: Mapping[str, Optional[str]]) -> str:
         default = self.default if self.default is not None else ""
         result = env.get(self.name, default)
-        return result if result is not None else ""
+        if result is None:
+            # A bare declaration (e.g. `BASE` with no value) parses to None.
+            # POSIX: under ${name:-default} that is the null case, same as
+            # unset, so fall back to the default when one was given.
+            return default
+        if result == "" and self.default is not None:
+            # POSIX: ${name:-default} falls back to the default when name
+            # is unset or empty (issue #715)
+            return default
+        return result
 
 
 def parse_variables(value: str) -> Iterator[Atom]:
diff --git a/tests/test_main.py b/tests/test_main.py
index 930ab171..56f6f514 100644
--- a/tests/test_main.py
+++ b/tests/test_main.py
@@ -894,6 +894,14 @@ def test_dotenv_values_file(dotenv_path):
         # Undefined
         ({}, "a=${b}", True, {"a": ""}),
         ({}, "a=${b:-d}", True, {"a": "d"}),
+        # Empty value with default: ${name:-default} treats empty as unset (#715)
+        ({}, "b=\na=${b:-d}", True, {"a": "d", "b": ""}),
+        ({"b": ""}, "a=${b:-d}", True, {"a": "d"}),
+        ({}, "b=\na=${b}", True, {"a": "", "b": ""}),
+        # Bare declaration (no value, parses to None) with default:
+        # ${name:-default} treats it as unset/null and uses the default
+        ({}, "b\na=${b:-d}", True, {"a": "d", "b": None}),
+        ({}, "b\na=${b}", True, {"a": "", "b": None}),
         # With quotes
         ({"b": "c"}, 'a="${b}"', True, {"a": "c"}),
         ({"b": "c"}, "a='${b}'", True, {"a": "c"}),