Economic Valuation of Forest Resources Using Voluntary Labor Contribution : An Application of a Generalized Corner Solution Model

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The study aims to develop a new valuation technique that enables us to measure the values of forest ecosystems with the revealed preference data, by applying a generalized corner solution model to the labor supply behavior of forest volunteers. The empirical results of this approach showed that the values of forest ecosystems are much larger than those estimated by previous stated preference studies. These facts suggest that the values in the past studies were not the ones that represent the equivalent variation in the case when the reference level indicates the state of the forest being completely exploited.