Uncharted Territory - The charter forest experiment on the Valles Caldera National Preserve: An initial economic and policy analysis

The Valles Caldera National Preserve (VCNP), located in Northern New Mexico, was the first federal land acquisition specifically devoted to the application of the charter forest concept. Managed by a nine-member trust board, the VCNP represents a unique public lands management experiment. The objective of this article is to provide an initial economic, institutional, and policy analysis of the recreation program on the Preserve. Given its early prominence in program development, an analysis of the elk-hunt program is used to provide insights into how the Valles Caldera Trust has attempted to balance revenue generation and equity considerations while dealing with external pressures introduced by the state and private interests.