6.11.03 – Economic evaluation of multifunctional forestry

Unit 6.11.03

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Working Party 6.11.03 focuses on the economic valuation of forest resources. An important area of research focus are the methods of non-market valuation, incl. benefits transfer, the role of economic values in sustainable forest management, and the use of such values in assessing forest management trade-offs. The role of uncertainty for forest value caused by irreversible changes in the environmental function of the forests is also a growing area of interest.

There is a growing number studies concerning the valuation of forest externalities. Applying also a growing variety of valuation methods. At the time of writing, a search on Web-of-Science on (forest, valuation, economic) resulted in 558 references. While reviews exist, no single state-of-the-art book covers these issues in their full detail.
Within the valuation literature related to environmental valuation the increased application of newer methods like Choice Modelling and its merits and draw-backs is currently much in focus. A number of econometric text books exist, which will be helpful for you in gaining insight to these techniques, e.g.

Greene, W.H. 2003. Econometric Analysis. Fifth Edition. Prentice Hall, New Jersey, USA, 1026 pp.

The effect of uncertainty for the value of forests, e.g. the preservation of old-growth and the optimal timber management, is also a growing area of research. In particular, the use of real options theory is putting forest cases into forefront economic journals. A key reference here is:

Dixit, A., Pindyck, R.S. 1994. Investment under Uncertainty. Princeton University Press, Princeton, New Jersey.

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