(excluding buildings and infrastructure), separating woodland,
pastureland and cropland uses. In the case of Haza’s
actual woodland scenario prices, those land prices reflect
expected future benefits (the owner’s capital income) from
mature cork and holm oak trees depletion, that is, without
ongoing investment in regeneration. The ideal sustainable
cork and holm oak woodland scenario would have a different
land market value than the actual scenario. The age structure
and denseness of a regenerating grove of cork and holm trees
are quite different from the current ones, while cropland uses
and values are simulated, and would remain constant. There
are not, therefore, market prices for holm and cork oak
woodland in an ideal steady-state scenario; the land price is
estimated by capitalizing the private capital income expected
in an ideal management scenario.
Income from forestry-related activities also differs
between the actual and ideal scenarios. Steady-state
forestry income is capitalized using a positive real discount
rate of 1%.12 By contrast, cork stripping, grazing and
hunting rents are capitalized using a real discount rate of
3%, which is assumed to be the return on capital that
dehesa owners will demand from those commercial uses. In
this study, the amenity self-consumption value was
estimated on average for the mosaic of land uses based
on a sample of the Monfragu¨e area’s dehesas, so the land
price due to this environmental service does not depend on
land use change trend (Campos and Mariscal, 2003).
We assume that the breakdown of Haza’s total land
price is the same as the environmental and commercial
income in a sample of 21 estates surveyed in the Spanish
Central Mountain range’s private agro-silvopastoral system,
where 57% of the land price comes from commercial
benefits, and 43% is tied to the owner’s amenity selfconsumption
(Campos and Martı´nez, 2004, p. 80).