Abstract: Although ecological restoration is widely used to combat environmental degradation, very few studies have evaluated the cost-effectiveness of this approach. We examine the potential impact of forest restoration on the value of multiple ecosystem services across four dryland areas in Latin America, by estimating the net value of ecosystem service benefits under different reforestation scenarios. The values of selected ecosystem services were mapped under each scenario, supported by the use of a spatially explicit model of forest dynamics. We explored the economic potential of a change in land use from livestock grazing to restored native forest using different discount rates and performed a cost–benefit analysis of three restoration scenarios. Results show that passive restoration is cost-effective for all study areas on the basis of the services analyzed, whereas the benefits from active restoration are generally outweighed by the relatively high costs involved. These findings were found to be relatively insensitive to discount rate but were sensitive to the market value of carbon. Substantial variation in values was recorded between study areas, demonstrating that ecosystem service values are strongly context specific. However, spatial analysis enabled localized areas of net benefits to be identified, indicating the value of this approach for identifying the relative costs and benefits of restoration interventions across a landscape.
From January 1968 to December 1969, Dunham taught English and was an assistant director of the Lembaga Persahabatan Indonesia Amerika (LIA)–the Indonesia-America Friendship Institute at 9 Teuku Umar Street in the Gondangdia administrative village of the Menteng subdistrict in Central Jakarta–which was subsidized by the United States government.  From January 1970 to August 1972, Dunham taught English and was a department head and a director of the Lembaga Pendidikan dan Pengembangan Manajemen (LPPM)–the Institute of Management Education and Development at 9 Menteng Raya Street in the Kebon Sirih administrative village of the Menteng subdistrict in Central Jakarta. 
Ariane Szafarz is a full professor of mathematics and finance at Solvay Brussels School of Economics and Management (SBS-EM), Université Libre de Bruxelles (ULB). She holds a PhD in Mathematics and an MD in Philosophy. Her research topics include microfinance (mission drift, governance issues), financial econometrics, international finance, epistemology of probability, and job market discrimination. She co-directs the doctoral programme in management sciences organised jointly by SBS-EM (ULB), the Faculté Warocqué (UMONS) and HEC Management School (ULg). She is also President of the Marie-Christine Adam Fund. She has been visiting Professor at Université de Lille II, Université Catholique de Louvain, and the Luxembourg School of Finance. She has published several books and scientific articles in Econometric Theory, European Economic Review, Journal of Fixed Income, Journal of Empirical Finance, etc.