Indirect Use Value of Lat Krathing Forest Plantation, Thailand
Narongchai Chonlapap, Santi Suksard and Pasuta Sunthornhao
Indirect use value is a benefit of economic value of forest plantations that is important for decision-making in forest land use management and investment. This research classified the characteristics of the indirect use values in a 3,267.53 hectares Lat Krathing forest plantation (LKFP) as carbon di oxide (CO2) sequestration and biodiversity value. Different methods were used to calculate each characteristic of the indirect use value: the market price method was used to calculate CO2 sequestration and the contingent valuation method was used to calculate the biodiversity value. There were 6,147,852 Baht of CO2 sequestration value and 2,760,548 Baht of biodiversity value. Therefore, the total indirect use value of the LKFP in 2017 was a total of 8,908,400 Baht. However, there are still other important economic values, such as the direct use value and the non-use value that requires further study.