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Economic Valuation Of Non-Timber Forest Products (NTFPs)

Author

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  • Adepoju, Adenike Adebusola
  • Salau, Adekunle Sheu

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.

Suggested Citation

  • Adepoju, Adenike Adebusola & Salau, Adekunle Sheu, 2007. "Economic Valuation Of Non-Timber Forest Products (NTFPs)," MPRA Paper 2689, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:2689
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    File URL: https://mpra.ub.uni-muenchen.de/2689/1/MPRA_paper_2689.pdf
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    References listed on IDEAS

    as
    1. Thomas C. Brown, 1984. "The Concept of Value in Resource Allocation," Land Economics, University of Wisconsin Press, vol. 60(3), pages 231-246.
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    Cited by:

    1. BASSEY ETOWA, Egbe & OJOGU, Osim Eyam & ODUNLAMI, Samuel Sunday, 2015. "Leveraging Rural Livelihoods With Forest Conservation In Nigeria: The Role Of Non-Timber Forest Products," Review of Agricultural and Applied Economics (RAAE), Faculty of Economics and Management, Slovak Agricultural University in Nitra, vol. 18(01), pages 1-10, March.
    2. Akanni, K. A., 2013. "Lumbering Activities and Market Equilibrium Analysis of Timber Industry in South Western Nigeria," Sustainable Agriculture Research, Canadian Center of Science and Education, vol. 2(01).
    3. Paunić, Alida, 2016. "Brazil, Preservation of Forest and Biodiversity," MPRA Paper 71462, University Library of Munich, Germany.

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    More about this item

    Keywords

    Non-Timber Forest Products (NTFPs); Economic Valuation; Livelihood and Food security;
    All these keywords.

    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 - - - 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

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