Quantification of the utility value of the recreational function of forests from the aspect of valuation practice

P. Hlaváčková and D. Šafařík
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P. Hlaváčková: Department of Forest and Wood Products Economics and Policy, Faculty of Forestry and Wood Technology, Mendel University in Brno, Brno, Czech Republic
D. Šafařík: Department of Forest and Wood Products Economics and Policy, Faculty of Forestry and Wood Technology, Mendel University in Brno, Brno, Czech Republic

Journal of Forest Science, 2016, vol. 62, issue 8, 345-356

Abstract: The article is focused on quantification of the utility value of the recreational function of forests from the aspect of valuation practice. The aim of the article is a description of a methodical procedure which would enable to determine the market value of the recreational function of forests in the case of creation of real market demand. The methodical approach was verified on a case study in the chosen area. Results imply that determination of the market price of the recreational function in the case of creation of real market demand is possible and the formulated hypothesis is not rejected. The final rental value in the closed time period from the price determined for forest lands by application of the nominal interest rate 4.75% is 0.169 CZK.m-2. The procedure can be understood as a theoretical and methodical tool usable in the valuation practice, but especially as a political tool in the creation of legislative regulations in the area of valuation of ecosystem forest functions and services at the national and international level.

Keywords: economics; forestry; valuation method; economic value; recreation; servitude (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:caa:jnljfs:v:62:y:2016:i:8:id:50-2016-jfs

DOI: 10.17221/50/2016-JFS

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