A single dimensional measure of economic welfare in terms of per capita income has neglected the contribution of the non‐timber benefits of forests; hence forests have not received their due weight in literature on the development process. Advocates a multi‐dimensional measure of economic...

Asymmetries in information, where sellers have more information than buyers about product qualities, may prevent firms from supplying some goods and services despite the fact that consumers are willing to pay adequately for them. The frequency and importance of such market failures is growing...

Views tropical forests as providing a number of outputs for the host country and the world at large. Activities to curb deforestation yield private goods, local (country‐specific) public goods, and global public goods. Markets can operate with respect to the private goods, while nations are...