The economic value of old growth trees in Israel

We estimated the annual value of old growth trees in Israel using a Contingent Valuation (CV) study. We used the payment card (PC) procedure and surveyed both forest visitors as well as a representative sample of the general population. It was found out that the annual value can range between 2.35 and 19.9 million Euros depending on the assumption with respect to who are the beneficiaries of the project. This value is important since old growth trees are used less for active recreation but has an important role in the heritage of the country. As such they should be allocated funds to be preserved. This paper tries to understand the value of this commodity from an economic point of view in order to conclude if it deserves the financial effort needed to be preserved.