Forestry's golden rule and the development of the optimal forest rotation literature

Journal of Forest Economics

Volumn 8, Issue 1, 2002, Pages 5-27

  Newman, D H ^a  

^a UNIVERSITY OF GEORGIA   (United States)

Author keywords

Faustmann; Forest management; Timber harvest

Indexed keywords

FOREST MANAGEMENT; TIMBER INDUSTRY;

EID: 0036270279     PISSN: 11046899     EISSN: None     Source Type: Journal    
DOI: 10.1078/1104-6899-00002     Document Type: Article

References (313)

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6. Designing forest taxes with varying governent preferences and budget targets
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20. Comparative economic analysis of two management options for loblolly pine timber plantations
21. The growth period decision
22. When is the optimal economic rotation longer than the maximum sustained yield
23. Economic models of timber supply
24. Long-run timber supply: Price elasticity, inventory elasticity, and the use of capital in timber production
25. Japan's forests, forecasts and the Faustmann formula
26. Multiple use management of public forestlands
27. Timber harvesting with fluctuating prices
28. A dynamic model of timber markets
29. Duality and Faustmann: Implications for policy
30. Optimal harvesting with autocorrelated stumpage prices
31. Observations on recent forest economics research on risk and uncertainty
32. Optimal harvesting and thinning with stochastic prices
33. Duality and Faustmann: Implications for the evaluation of landowner behavior
34. Introduction - The Faustmann formula: Fundamental to forest economics 150 years after publication
35. Valuing forest land under hazards to crop survival
36. Analysis of economic impacts on thinning and rotation of Douglas Fir using dynamic programming
37. Discount rate and harvest policy: Implications for Baltic forestry
38. Estimating optimal thinning and rotation for mixed-species timber stands using a random search algorithm
39. Generalization of Faustmann's formula for stochastic forest growth and prices with Markov decision process models
40. Forest land conversion over time: Implications for the Faustmann formula
41. How do non-timber values affect Douglas-fir rotations?
42. Taux d'actualisation et conduite sylvicole des peuplements forestiers: un exemple dans le cas du pin maritime en France
43. Decision analysis in damaged forest plantations
44. A stochastic efficiency approach for determining the economic rotation of a forest stand
45. Determination of the optimal growing stock and cutting cycle for an uneven-aged stand
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47. Rotation age, management intensity and the economic factors of timber production: Do changes in stumpage price, interest rate, regeneration cost and forest taxation matter
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49. A generalized Faustmann model for the determination of optimal harvest age
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51. Estimation of optimal stocking levels and rotation ages of loblolly pine
52. The tree cutting problem in a stochastic environment: The case of age dependent growth
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54. A proposition on imperfect stumpage markets
55. Optimal forest rotation under monopoly and competition
56. The economic value of a forested catchment with timber, water and carbon sequestration benefits
57. The simple analytics of forest economics
58. Zur Interpretation der Faustmannschen Formel als ein komplexes forstökonomisches Verhaltensmodell
59. The influence of price expectations on forestry decisions
60. An economic analysis of harvest behavior: Integrating forest and ownership characteristics
61. Land expectation values for spruce and beech calculated with Monte Carlo modeling techniques
62. Implicit valuation of non-market benefits in even-aged forest management
63. The influence of logging costs on optimal rotation age for site 1 Pinus patula in Tanzania
64. Optimal taxation: Timber and externalities
65. Backcountry hiking and optimal timber rotation
66. Global climate change and optimal forest management
67. Optimal rotation of multiple use forests in the presence of fire risk
68. An empirical examination of optimal rotations in a multiple-use forest in the presence of fire risk
69. Non-renewability in forest rotations: Implications for economics and ecosystem sustainability
70. The Faustmann rotation with thinning and economies of scale
71. On the determination of the value which forest land and immature stands pose for forestry
72. Uncertainty, debt, and forest harvesting: Faustmann revisited
73. Discount rates and forestry decisions
74. A strategy for multiproduct stand management with uncertain future prices
75. Which criterion? Effect of choice of the criterion on forest management plans
76. The economic efficiency of forest taxes
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78. Optimal harvest of a forest in the presence of uncertainty
79. Optimal harvest of industrial forests
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83. Diversification of harvest decisions for even-aged stand management
84. Optimal harvest policy with first-order autoregressive price process
85. Forest management and the theory of capital
86. Problems affecting the use of Faustmann's formula as a valuation tool
87. Effect of inflation on evaluation of forestry investments
88. Financial maturity versus soil rent
89. Optimizing any-aged management of mixed-species stands I: Performance of a coordinate search process
90. Optimizing any-aged management of mixed-species stands II: Effects of decision criteria
91. Stochastic price models and optimal tree cutting: Results for loblolly pine
92. Harvesting loblolly pine plantations with hardwood competition and stochastic prices
93. Feedback thinning policies for uneven-aged stand management with stochastic prices
94. Optimal management of loblolly pine plantations with stochastic price trends
95. Hurricanes and the economics of loblolly pine plantations
96. The importance of land opportunity cost in the determination of financial rotations
97. Financial maturity for even-aged and all-aged stands
98. Remunerating nature conservation in central European forests: Scope and limits of the Faustmann-Hartman approach
99. A timber harvesting model with variable rotation lengths
100. Comparative rents for farmland and timberland in a subregion of the south
101. The harvesting decision when the standing forest has value
102. The economics of forestry when the rate of harvest is constrained
103. The qualitative theory of optimal rotations
104. The forestry maximum principle
105. Cutting rules for final fellings: A mean variance portfolio analysis
106. Socially optimal forestry
107. Sustained yield versus capital theory
108. The Faustmann rotation in the presence of a positive CO2-price
109. CO2-taxing, timber rotations, and market implications
110. Economic trade-offs of managing forests for timber production and vegetative diversity
111. The economics of exhaustible resources
112. The cost of sequestering carbon on private forest lands
113. Forestry and the bequest motive
114. The behavior of timber rents in Sweden
115. A note on the optimal rotation period in a synchronized normal forest
116. The behavior of nonindustrial private forest landowners
117. Volume or value maximization in forestry - An historical rationale and a glance at emerging technologies
118. The effects of legal limits and recommendations on timber production: The case of Finland
119. Six different results on the properties of the timber supply function
120. Disequilibrium cutting rules
121. Where's the beef? A reply to price
122. Techniques for prescribing optimal timber harvest and investment under different objectives: Discussion and synthesis
123. Optimal harvesting time in single- and multiple-purpose forest management
124. A dynamic approach to forest regimes in developing economics
125. Optimal stocking levels and rotation under risk
126. Optimal stocking levels and rotation under uncertainty
127. Biological capital theory: A question and a conjecture
128. On the economics of forests
129. Inflation and present value of timber income after taxes
130. An income tax wedge between buyers' and sellers' values of forests
131. Risk and the discount rate in forestry
132. Impacts on economically optimal timber rotations when future land use changes
133. Forest taxation and timber supply under price uncertainty: Credit rationing in capital markets
134. Forest taxation and timber supply under price uncertainty: Perfect capital markets
135. Optimal design of forest taxation with multiple use characteristics of forest stands
136. Optimal design of forest and capital income taxation in an economy with an Austrian sector
137. Tax incidence and optimal forest taxation under stochastic demand
138. Timber supply, amenity values and biological risk
139. Optimal public harvesting under the interdependence of public and private forests
140. Optimal private and public harvesting under spatial and temporal interdependence
141. Forest taxation and rotation age under private amenity valuation: New results
142. Climate risks and age-related damage probabilities - Effects on the economically optimal rotation length for forest stand management in Japan
143. Virtual price approach to short-term timber supply under credit rationing
144. Timber supply and life cycle harvest of nonindustrial private forest owners: An empirical analysis of the Finnish case
145. Landowner objectives and nonindustrial private timber supply
146. Testing the forest rotation model: Evidence from panel data
147. A cost function estimating the loss due to extended rotation age
148. Dynamics and land use: The case of forestry
149. A theory of red pine (Pinus koreanis) management for both timber and commercial seeds
150. Red pine management for timber, commercial seeds and amenities: Comparing nested models
151. Which rotation length is favourable to carbon sequestration
152. Pulse extraction under risk and a numerical forestry application
153. Continuous extraction under risk
154. The rotation age, the constrained Faustmann problem, and the initial conditions
155. Optimal forest harvesting over time in the presence of air pollution and growth reduction
156. The Faustmann-Ohlin theorem: A historical note
157. Effect on the socially optimal rotation period in forestry of biotechnological improvements of the growth function
158. The supply of round wood and taxation
159. On the economics value of genetic progress in forestry
160. The use and non-use of economics and mathematics in forest economics: The Swedish experience 1876-1976
161. Knut Wicksell on the optimal rotation problem in forestry
162. A back of the envelope calculation method for calculations of the gains from genetic progress in forestry with some theoretical underpinning
163. The impact of declining forest productivity on the optimal rotation of a timber stand
164. Mining of the forest and the time path of the price of timber
165. Computing maximum willingness to pay with Faustmann's formula: Some special situations from New Zealand
166. The optimal rotation of a flammable forest stand
167. A behavioral model of timber supply
168. Planning timber production with evolving prices and costs
169. Optimum forest rotation in an imperfect stumpage market: Comment
170. The determination of financial rotation ages for coppicing tree species
171. Nonlinear forest taxes
172. The impact of site value taxation on the optimal time to cut timber when borrowing and lending rates diverge
173. Uneven-aged stand management and the value of forest land
174. A sequential stochastic tree problem
175. A stochastic analysis of the tree paradigm
176. Some theoretical results on the economics of forestry
177. On the Faustmann solution to the forest management problem
178. The economics of orchards: An exercise in point-input, flow-output capital theory
179. Optimal timber management policies
180. Increasing rotation periods during a time of decreasing profitability of forestry a paradox?
181. The valuation of forestry resources under stochastic prices and inventories
182. The German struggle between the 'Bodenreinertragslehre' (land rent theory) and 'Waldreinertragslehre' (theory of the highest revenue) belongs to the past, but what is left?
183. Timber management decision making under imperfect capital markets
184. Optimal rotation and thinning
185. Optimum rate of forest harvesting
186. Optimum forest rotation in an imperfect stumpage market
187. Towards a method of uneven-age forest management based on the theory of financial maturity
188. Optimal economic rotation for a mixed species even-aged forest
189. Response of optimal stand rotation and management intensity to one-time changes in stumpage price, management cost, and discount rate
190. The optimal forest rotation with evolving prices
191. Environmental services and the optimum rotation problem in forest management
192. A stochastic model for the growth period decision in forestry
193. Konig-Faustmannism: A critique
194. Concerning the question of the rotation period in forestry
195. Forest taxation and the timing of private nonindustrial forest harvests under interest rate uncertainty
196. The effect of nontimber taxes on the harvest timing - The case of private nonindustrial forest owners: A note
197. A mean-variance approach to short-term timber selling and forest taxation under multiple sources of uncertainty
198. Sustainable forestry: Timber bequests, future generations and optimal tax policy
199. Forest taxation, timber supply, and economic efficiency
200. Land value and the linkage between stand and forest level analyses
201. The economics of forest land use in temperate and tropical areas
202. The optimum forest rotation
203. Recursive preferences in forest management
204. Waldbewertung auf der grundlage von bodenwerten - ein beitrag zur aktuellen waldwertrechnung unter besonderer berucksichtigung von inflation
205. Forestry economics
206. Principaux criteres economiques de gestionb des forets: analyse critique et comparative
207. Optimal forest stand management when benefits are derived from carbon
208. The optimal timber rotation: An option value approach
209. For the comprehension of net revenue silviculture and the management objectives derived thereof
210. Environmental benefits and optimal rotation: Comment on Johansson and Lofgren
211. Environmental benefits and optimal rotation: Consensus?
212. An investigation of the harvest decision of timber firms in the south-east United States
213. Structural estimation of the stochastic dynamic decision problems of resource users: An application to the timber harvest decision
214. Structural versus reduced-form estimation of optimal stopping problems
215. A partial differential equation model of optimal forest harvesting
216. The effects of risk of fire on the optimal rotation of a forest
217. Optimal harvesting models in forest management - A survey
218. Optimal harvest scheduling at the forest level in the presence of the risk of fire
219. Protecting a forest against fire: Optimal protection patterns and harvest policies
220. Harvest decisions and asset valuation for biological resources exhibiting size-dependent stochastic growth
221. The decision to conserve or harvest old-growth forest
222. The role of stochastic monotonicity in the decision to conserve or harvest old-growth forest
223. Predicting the present value distribution of a forest plantation investment
224. Timber harvest scheduling with price uncertainty using Markowitz portfolio optimization
225. Single rotation vs. coppice systems for short-rotation intensive culture plantations - Optimality conditions for volume production
226. A re-evaluation of the site burden concept when forest land value is maximized
227. Dynamic programming for optimization of timber production and grazing in ponderosa pine
228. Economic growth goal for timber in the southeast
229. Roacoes de eucaliptos mais longas: analise volumetrica e economica
230. Optimal forest rotation age when carbon captured is considered: Theory and applications
231. The effect of potential catastrophic mortality and other unpredictable events on optimal forest rotation policy
232. The impact of soil degradation on the expected present net worth of future timber harvests
233. Economics of forestry in an evolving society
234. Optimum forest rotation in an imperfect stumpage market with a changing demand function
235. The simultaneous determination of optimal thinning schedule and rotation for an even-aged forest
236. Who discovered the Faustmann condition?
237. Forest economics and policy
238. An environmental economic analysis of willow SRC production
239. A more general dynamic economic model of the optimal rotation of multiple-use forests
240. The stochastic rotation problem: A comment
241. Optimal control theory applied to joint production of timber and forage
242. Land use implications of the ad valorem property tax: The role of tax incidence
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244. On the optimal forest harvesting decision
245. Policy-relevant nonconvexities in the production of multiple forest benefits
246. Spatial interactions in multiple-use forestry and substitution and wealth effects for the single stand
247. Spatial and temporal specialization forest ecosystem management under sole ownership
248. Bequests, credit rationing and in situ values in the Faustmann-Pressler-Ohlin forestry model
249. Optimal forest rotation with in situ preferences
250. Forest harvesting decisions: The economics of household forest owners in the presence of in situ benefits
251. Optimal forest rotation and land values under a borrowing constraint
252. A dynamic programming solution of financial rotation ages for coppicing tree species
253. The good fairy problem: One more look at the optimum rotation age for a forest stand
254. The form of the capital structure and optimal rotation - Considerations based on the present value of future profits
255. Optimum plantation planting density and rotation age based on financial risk and return
256. Impacts de differents impots et subventions sur la gestion optimale des forests in univers no aleatoire
257. Financial maturity: A binomial options pricing approach
258. Optimal forest rotation when stumpage prices follow a diffusion process
259. Optimal stand management with endogenous risk of sudden destruction
260. Progressive income taxes and option values: The case of a farmer who owns a forest
261. Afforestation as a real option: Some policy implications
262. Adjusting Faustmann's formula for a dynamic financial environment
263. Determining optimal financial rotations under inflationary conditions
264. A comparison of numerical methods for optimizing even aged stand management
265. A scenario approach to stochastic anticipatory optimization in stand management
266. Modeling the effect of uncertainty on timber harvest: A suggested approach and empirical example
267. Effect of carbon taxes and subsidies on optimal forest rotation age and supply of carbon services
268. How much land do we need for timber growing?
269. Optimizing thinnings and rotation of Scots Pine and Norway Spruce mixtures
270. A Hotelling-Faustmann explanation of the structure of christmas tree prices
271. Optimal harvesting of mutualistic ecological systems
272. Estimating economic gains for landowners due to time-dependent changes in biotechnology
273. Financial maturity of forests and sustainable yield concept
274. A generalized Wicksellian capital model: An application to forestry
275. The economics of location and forest management for multiple benefits: A review, discussion and speculation
276. The economics of timber supply: An analytical synthesis of modeling approaches
277. The stochastic rotation problem: A generalization of Faustmann's formula to stochastic forest growth
278. The long run timber supply function
279. Amenity value of forests in Great Britain and its impact on the internal rate of return from forestry
280. Financial maturity: A questionable concept in forest management
281. Optimal timber rotations with evolving prices and costs revisited
282. A note on the tree-cutting problem in a stochastic environment
283. The effect of catastrophic risk on forest investment decisions
284. An alternative approach to forest investment assessment
285. Long-run timber supply and the economics of timber production
286. When to cut a stand of trees?
287. A timber producer's entry, exit and other related decisions under uncertainty
288. Combining forest-level analysis with options valuation approach - A new framework for assessing forestry investment
289. Searching for an optimal rotation age for forest stand management under stochastic log prices
290. Faustmann in an uncertain policy environment
291. Some aspects of the economic theory of forestry