Quantification of the utility value of the recreational function of forests from the aspect of valuation practice

Abstract

The article is focused on quantification of the utility value of the recreational function of forests from the aspect of valuation practice. The aim of the article is a description of a methodical procedure which would enable to determine the market value of the recreational function of forests in the case of creation of real market demand. The methodical approach was verified on a case study in the chosen area. Results imply that determination of the market price of the recreational function in the case of creation of real market demand is possible and the formulated hypothesis is not rejected. The final rental value in the closed time period from the price determined for forest lands by application of the nominal interest rate 4.75% is 0.169 CZK·m-2. The procedure can be understood as a theoretical and methodical tool usable in the valuation practice, but especially as a political tool in the creation of legislative regulations in the area of valuation of ecosystem forest functions and services at the national and international level.