![]() ![]() Valuing goods’ characteristics: an application of the hedonic price method to environmental attributes. Improved procedures for valuation of the contribution of recreation to national economic development. This technique requires a competitive property market, significant number of transactions per unit of time in relation to the size of market, and good data availability concerning all relevant variables that affect property price.ĭwyer, J.F., Kelly, J.R., & Bowes, M.D. implicit prices of the characteristics of a property). The marginal willingness-to-pay for improved environmental benefits (due to better environmental quality) is reflected in the increased price of property in better environments (i.e. The basic idea of this technique is that prices of land and properties (house) can be influenced by different characteristics of land, size, air, water quality, and other characteristics of forest or biological resources. The hedonic pricing method (HPM) is also known as the property value technique. The individual or zonal travel cost method can be used to value recreational benefits of forest recreation areas, national park, marine parks, or any recreation-related activities. It should be noted that this economic value is site specific and cannot be used to proxy the value of other protected areas. The economic value (consumer surplus) of a protected area is estimated once the demand curve is derived from the survey. The price is usually the sum of the entry fees to the site, cost of travel, and opportunity cost of time spent. Data should be collected in the actual area affected through intensive surveys of the users. Theoretically, the demand for a recreational site (e.g., number of visits per year to a forest area) is a function of exogenous variables like uniqueness of the area, transportation cost, income, age, educational level, and socio-economic characteristics of the users. The travel cost method (TCM) seeks to determine the value of a protected area, such as recreational forest. Some of the common techniques used include the travel cost method, hedonic pricing method, and wage differential method. In this situation, changes in ecological, biological, or environmental quality is reflected in prices of consumer goods, such as houses, land, and wage. The implicit market approach assumes the linkages between the marketed goods and services and the non-marketed goods including ecological, biological, and environmental values. Topic 2: A Case Study of Economic Valuation – Stumpage Valuation & Recreation and Protected Area Valuations.Topic 1: Benefit Cost Analysis (BCA) and Natural Resources Accounting in National Forest Policy. ![]() Topic 3: Revealed Preference Methods – TCM vs.Topic 2: Stated Preference Methods – CVM vs.Topic 1: Utility Theory and Welfare Economics.Topic 2: Strategic Use and Conservation of Forest Resources.Topic 1: Multiple Use Approach and Trade-offs.Topic 3: Importance of Forest Ecosystem Services in National Economy.Topic 2: Supporting Services & Cultural Services.Topic 1: Provisioning Services & Regulating Services.Topic 4: SFM Criteria and Indicators of Region and/or Country led Initiatives.Topic 3: SFM Principle and Criteria of Non-Governmental Processes.Topic 2: SFM Criteria and Indicators of Inter-governmental Processes.Topic 1: Economic Growth and Sustainable Development. ![]()
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