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n Journal of Strategic Studies : A Journal of the Southern Bureau of Strategic Studies Trust - The total economic value of forests : the case of Chirinda Forests

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Abstract

Many forests around the world are depleting at a fast rate. The reason for this is that they are undervalued. This study estimates the total economic value of Chirinda Forest, one of the largest natural forests in Zimbabwe. The study uses the Contingent Valuation Method and the econometric technique adopted was the logit model. The study found that forests have economic value that is underestimated in the Gross Domestic Product calculations. The total economic value for Chirinda Forest was estimated and showed that it runs into millions of United States dollars. This study shows that the contingent valuation method can be used to estimate the economic value of natural resources. The findings can be used to design policies that improve pricing schemes for forest areas and that such pricing schemes can lead to a more sustainable use of forests resulting in welfare improvement.

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/content/joss/1/1/EJC51203
2010-01-01
2016-12-09
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