The field of forest economics has expanded rapidly in the last two decades, and yet there exists no up-to-date textbook for advanced undergraduate-graduate level use or rigorous reference work for professionals. Economics of Forest Resources fills these gaps, offering a comprehensive technical survey of the field with special attention to recent developments regarding policy instrument choice and uncertainty. It covers all areas in which mathematical models have been used to explain forest owner and user incentives and government behavior, introducing the reader to the rigor needed to think through the consequences of policy instruments. Technically difficult concepts are presented with a unified and progressive approach; an appendix outlines the basic concepts from calculus needed to understand the models and results developed.

Objectives of the course

To equip with the technique of valuation of goods and services not passing through regular markets.

Intended outcome

After the study of this course, the students will be able to understand the basic principles of economic, the market mechanism of price, demand, and supply and market price. with the help of this course, they will manage the forest in a more scientific and better manner. 

Course Contents

1. Special characteristics of forest economics. Value (Total and Marginal). Demand and Supply chain. Elasticities of demand and supply.
2. Grading of goods: inferior and normal.
3. Valuation of Forest products and services.
4. Discounting and Compounding. Present worth of annuity, Methods of depreciation: straight-ling method, declining balance method.
5. Determination of economic rotation age.
6. Introduction to Location theory: Marketing transportation and other considerations.
7. Concept of World Trade Organization (WTO) in relation to forest products trade.
8. Forests Certification.

Reading Books:

1. Forest Certification Handbook. Earthscan Forestry Library Press. By Ruth, N. and M. Simula. 2005. 
2. Forest Resource Economics and Finance. Blacksburg, USA by Klemperer, K.D. 2003.
3. An Introduction to modern Economics, Publishers United Ltd. 176-Anarkali, Lahore by Akhtar, S.M.       
4. Forest Valuation. McGraw Hill Book, New York by Champan, N.N. and W.H. Meyer. 1949
5. Forest Management (1966) McGraw Hill Book Co. New York.
6. Forest Resources Management by Leuschnar, W. A.  Jhonn Wiley and Sons, New York.

Assessment Criteria

30 marks Mid (Mcqs)

20 Marks sessional (10 participation and 10 marks presentation)

30 Marks Final Mcqs

Meeting time/class according to time table

S. no           Day            Time

1                 Monday      2:00 Pm to 2:50 Pm

2                 Tuesday      10:30 Am to 11:20 Am