“…Researchers have often used simple hectare-based annual average lost stumpage revenues (reflecting the market value of the standing timber stock) to approximate these social cost components of forest conservation (e.g., NBDNR, 2000;Leppanen et al, 2005). Others have extended wood supply models to evaluate foregone revenues and costs from reduced timber harvesting (e.g., Stone and Reid, 1997;Montgomery et al, 2006;Khajuria et al, 2008). By modeling timber supply and market values in the specific land base under consideration, the opportunity cost estimates produced by these latter studies better reflect the true costs of forest conservation.…”