Accounting for nonmarket benefits in southern forest management
1993
Pearse, P.H. | Holmes, T.P.
Current federal regulations stipulate that national forests must be managed with due consideration of the value of timber and nontimber outputs. Implementation of nonmarket value information in the forest planning process is hampered by incomplete understanding of the conceptual basis and proper use of those values. This paper presents an overview of (1) the basic economic principles underlying nonmarket valuation theory, and (2) the available estimates of nonmarket values produced by southern forests. The main conclusion of the study is that existing nonmarket value estimates are reasonable for efficiency analysis at regional and national levels but need to be adjusted to specific conditions for planning at smaller spatial scales, such as the forest, ranger district, or watershed level.
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