Faustmann in an uncertain policy environment

Forest Policy and Economics

Volumn 2, Issue 2, 2001, Pages 203-210

  Zhang, Daowei ^a  

^a AUBURN UNIVERSITY   (United States)

Author keywords

Faustmann model; Optimal rotation; Policy uncertainty; Regulatory taking; Silvicultural investment

Indexed keywords

EID: 0009450179     PISSN: 13899341     EISSN: None     Source Type: Journal    
DOI: 10.1016/S1389-9341(01)00052-1     Document Type: Article

References (37)

1. Allen D.W. What are transaction costs? Research in Law and Economics. 14:1991;1-18.
2. Anderson J.E. Public Policy-making. 3rd ed :1984;Holt, Rinehart & Winston, New York.
3. Brazee R., Mendelsohn R. Timber harvesting with fluctuating prices. Forest Science. 34:(2):1988;359-372.
4. Brazee R., Mendelsohn R. A dynamic model of timber markets. Forest Science. 36:(2):1990;255-264.
5. Chang S.J. Rotation age, management intensity and the economic factors of timber production: do changes in stumpage price, interest rate, regeneration cost and forest taxation matter? Forest Science. 29:1983;267-278.
6. Food and Agriculture Organization of the United Nations (FAO), 1995. Forest Resources Assessment 1990: Global Synthesis. FAO, Rome.
7. Faustmann M. Berechnung des Werthes, welchen Waldboden sowie nach nicht haubare Holzbestande fur die Weldwirtschaft besitze. Allegemeime Forst und Jagd Zeitung. 25:1849;441.
8. Heaps T. The forestry maximum principle. Journal of Economic Dynamics and Control. 7:1984;131-151.
9. Hardie I.W., Daberkow J.N., McConnell K.E. A timber harvesting model with variable rotation lengths. Forest Science. 30:(2):1984;511-523.
10. Hirshleifer M., Riley J. The analytics of uncertainty and information - an expository survey. Journal of Economic Literature. 17:1979;1375-1421.
11. Hyde W.F. Timber Supply, Land Allocation, and Economic Efficiency. 1980;Johns Hopkins University Press and Resource for the Future, Baltimore, MD.
12. Hyde W.F., Newman D.H. Forest Economics in Brief - with Summary Observations for Policy Analysis. A Report to the World Bank. 1991;. p. 117.
13. Hyde, W.F., Mendelsohn, R., Sedjo, R., 1991. The Applied Economics of Tropical Deforestation. Unpublished Discussion Paper.
14. Knight F.H. Risk, Uncertainty and Profit. 1921;Houghton, Mifflin, Boston.
15. Lembersky M.R., Johnson K.N. Optimal policies for managed stands: an infinite horizon Markov decision process approach. Forest Science. 21:(2):1975;109-122.
16. Lohmander, P., 1987. The Economics of Forest Management under Risk. Report 79, Department of Economics, Swedish University of Agricultural Sciences. Umea, Sweden.
17. Lohmander P. Continuous extraction under risk. Systems Analysis, Modeling and Simulation. 5:1988;339-354.
18. McConnell K.E., Daberkow J.N., Hardie I.W. Planning timber production with evolving prices and costs. Land Economics. 59:(3):1983;292-299.
19. Mendelsohn R. Property rights and tropical deforestation. Oxford Economic Papers. 46:(5):1994;750-756.
20. Newman D.H., Gilbert C.B., Hyde W.F. The optimal forest rotation with evolving prices. Land Economics. 61:(4):1985;347-353.
21. Norstrom C.J. A stochastic model for the growth period decision in forestry. Swedish Journal of Economics. 77:1975;329-337.
22. North D. Structure and Change in Economic History. 1981;W.W. Norton Company, New York. p. 24.
23. Powell, D., Faulkner, J.L., Darr, D.R., Zhu, Z., MacCleery, D.W., 1993. Forest Resources of the United States, 1992. USDA Forest Service General Technical Report RM-234.
24. Reed W.J. The effects of the risk of fire on the optimal rotation of a forest. Journal of Environmental Economics and Management. 11:1984;180-190.
25. Roper, J., Roberts, R.W. 1999. Deforestation: tropical forests in decline. CFAN Discussion Paper. Hull, Quebec, Canada.
26. Routledge R.D. The effect of potential catastrophic mortality and other unpredictable events on optimal forest rotation policy. Forest Science. 26:(3):1980;389-399.
27. Routledge R.D. The impact of soil degradation on the expected present net worth of future timber harvests. Forest Science. 33:(4):1987;823-834.
28. Scott, A., 1991. Individual Right to Use the Forest. Working Paper. Department of Economics, University of British Columbia. Vancouver, Canada.
29. Thorsen B.J. Afforestation as a real option: some policy implications. Forest Science. 45:(2):1999;171-178.
30. US Fish and Wildlife Service, 1992. Red-cockaded Woodpecker Procedures Manual for Private Lands. Released with a cover letter by John R. Eadie, Acting Regional Director, Fish and Wildlife Service. Atlanta, GA.
31. World Resource Institute, 1997. Combating Deforestation: Agenda 21, Chapter 11, Washington, DC.
32. Yin R., Newman D.H. A Model of Farmer's Timber Production Decisions Under Insecure Land Tenure. Working Paper. 1995;Warnell School of Forest Resources, University of Georgia. Athens, GA.
33. Zhang D. Why so much Forestland in China Does Not Grow Trees? (in Chinese). Management World. 3:1999;120-125.
34. Zhang D. Endangered Species and Timber Harvesting: The Case of Red-Cockaded Woodpecker. Working Paper. 2000;School of Forestry and Wildlife Sciences, Auburn University. Auburn, AL.
35. Zhang D., Pearse P.H. Differences in silvicultural investment under various types of forest tenure in British Columbia. Forest Science. 44:(4):1996;442-449.
36. Zhang D., Pearse P.H. The influence of the form of tenure on reforestation in British Columbia. Forest Ecology and Management. 98:1997;239-250.
37. Zhang, D., Flick, W., 2001. Sticks, Carrots, and Reforestation Investment. Land Economics. In press.