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Economic Development and Environmental SustainabilityNew Policy Options$
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Ramón López and Michael A. Toman

Print publication date: 2006

Print ISBN-13: 9780199298006

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0199298009.001.0001

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Conservation of Tropical Forests: Addressing Market Failure

Conservation of Tropical Forests: Addressing Market Failure

Chapter:
(p.412) 13 Conservation of Tropical Forests: Addressing Market Failure
Source:
Economic Development and Environmental Sustainability
Author(s):

López Ramón

Michael A. Toman

Publisher:
Oxford University Press
DOI:10.1093/0199298009.003.0014

Tropical forest conservation and sustainable natural forest management both imply benefits and invoke considerable costs. The spatial and temporal mismatch of such benefits (which might not materialize until far in the future and could be shared by many parties) and costs (which often occur at a local scale and must be borne in the short term) prevents an efficient forest management at the national level. While the international community has developed a variety of instruments to align global and national incentives, the implementation of such policies needs to take into account national property right regimes and the recent trend towards the devolution of rights and responsibilities to communities and private individuals, which has a significant impact on the relative importance of different types of market failures and policy effects. This paper summarizes existing literature on the causes of deforestation and the magnitude of various forest benefit components, discusses the usefulness of forest valuation exercises for guiding policy choices regarding forest management and conservation, and highlights the key role of market failure in tropical forest conservation. It explores the various policy options that exist for the rest of the world to address market failure, and concludes with conditions necessary for improving current systems.

Keywords:   deforestation, forest valuation, property right regime, forest management

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