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Total Economic Value of Maasai Mau, Trans Mara and Eastern Mau ...

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2.0 METHODS FOR ESTIMATING ECONOMIC VALUE OF FORESTSA number <strong>of</strong> techniques can be used to value forest products <strong>and</strong> services but no singletechniques can value all the products <strong>and</strong> services. The expert chooses the appropriatemix <strong>of</strong> techniques to measure the stock <strong>and</strong> flow <strong>of</strong> resources <strong>of</strong> a forest. Figure 1 showsthe techniques that can be used to measure different categories <strong>of</strong> forest resources.Figure 1: Conceptualizing forest valuation techniques.2.1 Methods for Valuing Forest Products2.1.1 Market PricesForest products such as timber, poles, charcoal <strong>and</strong> firewood are marketed; marketprices reflect willingness to pay by consumers. The total value <strong>of</strong> forest productmarketed is estimated using the own reported values <strong>and</strong> use <strong>of</strong> the market price lesstransaction costs, i.e.Tv = Qm (Pm)-C (1)17

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