As the opportunity cost of land is the major trade-off that
society forgoes in establishing exclosures, the positive NB and NPV
are a priori expected and intuitive when a very low opportunity
cost is assigned to land. Then the next key question would be whether
benefits from exclosures could compensate social costs when land
unitswith increasing positive opportunity costs are converted to forests.
The last two columns in Table 2 throw some light on this inquiry