Economics of Non-Timber Forest Benefits: An overview, The
This paper, based on research carried out under the collaborative research programme Conservation, Management and Development of Forest Resources, provides an overview of the economics of non-timber forest products and services. It focuses on recent advances in the economic evaluation of forestry activities and, in particular, on how techniques for valuing non-timber forest benefits in monetary terms can assist the development of forest policy and management systems. It first considers the non-market nature of many non-timber forest benefits, and the reasons why markets often fail to account for them. The paper then reviews the different techniques used to evaluate non-market benefits in monetary terms, and explores the long-term dynamics of forest value. It concludes with a brief discussion of how the results of valuation studies can contribute to improved forest policy and management.