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This paper reviews the literature on the economic evaluations of tree improvement for planted forests and investigates whether or not using improved reforestation stock from tree improvement programs is a good investment. The main findings from systematic web-based searches show that (1) tree improvement is an effective tool to improve forest productivity and to realize financial returns; (2) economic gains from wood production with selection for breeding traits (e.g., high-volume yield or height growth) are the main reasons forest managers adopt new biotechnologies in tree improvement; (3) cost-benefit analysis is the primary empirical approach for estimating the economic effects of tree improvement for planted forests; and (4) there is very little literature on estimating the non-market benefits (e.g., improved watershed protection, amenities, or conservation of genetic diversity) that tree improvement brings, using non-market valuation techniques. The recent introduction of new biotechnologies in tree improvement, such as genomics-assisted tree breeding (GATB), can achieve genetic gains in selected traits more quickly and effectively than traditional breeding approaches, providing economic incentives for forest managers to use better quality stock for planted forests. Therefore, we suggest that future research should (1) consider the additional benefit, extra research and development costs, and time saved by applying new biotechnologies in tree improvement (e.g., GATB) in the cost-benefit analysis; (2) investigate the trade-offs between timber volume and wood quality traits and assess the economic effects of new biotechnologies in tree improvement along different stages of the forestry supply chain; and (3) explicitly account for the non-market trait values for the targeted breeding traits (e.g., drought/pest resistance) so that tree improvement programs can contribute to sustainable production systems. Economic analyses along these lines could help policy makers, forest managers, and forest company owners better understand the trade-offs of alternative breeding objectives and make economically efficient investment decisions for planted forests.