Forests have significant functions for the global ecosystem. Despite its immense contribution to our wellbeing, deforestation is continuing to be one of the world’s biggest problem leading to degradation of environmental and human welfare. In developing countries, there has been ongoing controversy in balancing economic development on the one hand and the need to conserve forests on the other. A key to balancing development and conservation is an accurate estimation of the economic value of forests and use it in decision making.  In this regard, ...