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Forestry 1997 70(3):171-189; doi:10.1093/forestry/70.3.171-a
© 1997 by Institute of Chartered Foresters
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Twenty-five years of forestry cost—benefit analysis in Britain

C. PRICE

School of Agricultural and Forest Sciences, University of Wales Bangor, Gwynedd, LL57 2UW, UK

Since the 1972 cost-benefit study attempted to value a full range of forestry costs and benefits in Britain, there have been many studies of some or all of these. Everyone agrees that forestry has a low rate of return, which is improved if land and labour have low opportunity cost, and that the discount rate used is a crucial variable. Effects on watercourses tend to be negative, those on CO2 positive, but there is disagreement about the appropriate prices. Recreation benefits are site and forest-type dependent, and, though they are often substantial, can only be legitimately claimed to the extent that they add to overall system capacity. Intractable landscape and wildlife values are yielding with difficulty to economic enquiry. Overall, 25 years have seen progress in cost-benefit analysis, but there remain unsolved problems, old and new.

Received 18 February 1997.
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