ABSTRACT
Managers of protected areas are generally confronted with a classic financial problem: they may be in charge of highly valued properties and yet not have the means to generate an income flow to sustain the assets. In the developing world, sustainable funding resources for conservation are scarce. A lack of adequate funds can jeopardize conservation efforts in protected areas by limiting the ability of managers to carry out critical tasks such as boundary enforcement, species protection and local education (Dixon and Sherman 1990; Navrud and Mungatana 1994; Baral et al. 2008). A systematic valuation can provide protected area managers with a structured approach to appropriate prices for management purposes and indicating ways of capturing the value associated with the areas under their supervision (Pearce and Moran 1994), as well as helping justify appeals for funding support.
