Economic Valuation Of Non-Timber Forest Products (NTFPs)

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Economic Valuation Of Non-Timber Forest Products (NTFPs)

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Adepoju, Adenike Adebusola
Salau, Adekunle Sheu

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Sheu Adekunle Salau

Abstract

The paper reviewed the methods in use for the economic valuation of Non-timber forest products. In the main, three methods are used. They are direct market price, indirect market price and non-market estimates. No method is superior to the other but appropriate method of valuation depends on the objective of the study. Also in use, is the financial valuation method. NTFPs can be classified as tradable or non tradable. The tradable NTFPs are significant in international trade. Non-timber forest products also constitute a critical component of food security; it serves as an important source of income for the poor in many developing countries. Value is not the inherent property of an entity. It is only a measure of a relationship between a subject and the object of valuation within a context (time and place or hypothetical scenario). There is a fundamental distinction to be made between a valuation exercise that sets out to explain how choices are made by individual resource users and one that seeks to maximize community. NTFPs include Edibles such as Mushroom, ferns etc. medicinal and dietary supplements, floral products and specialty wood products.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2689.

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Date of creation: 09 Apr 2007
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Handle: RePEc:pra:mprapa:2689

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Find related papers by JEL classification:
Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
Q27 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Renewable Resources and Conservation: Issues in International Trade
Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

This paper has been announced in the following NEP Reports:

NEP-AGR-2007-04-14 (Agricultural Economics)
NEP-ALL-2007-04-14 (All new papers)
NEP-ENV-2007-04-14 (Environmental Economics)

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