This title was first published in 2003. The 'Economics of Forestry' is a specialized subset of resource economics addressing a specific natural resource - the forest - which is usually a relatively long time period. Hence, forest economics has characteristics similar to nonrenewable resources but also has those of a renewable resource, in some cases approaching those of agriculture. This volume comprises some of the most significant journal essays in forest economics and forest policy. The International Library of Environmental Economics and Policy explores the influence of economics on the development of environmental and natural resource policy. In a series of twenty five volumes, the most significant journal essays in key areas of contemporary environmental and resource policy are collected. Scholars who are recognized for their expertise and contribution to the literature in the various research areas serve as volume editors and write essays that provides the context for the collection. Volumes in the series reflect three broad strands of economic research including 1) Natural and Environmental Resources, 2) Policy Instruments and Institutions and 3) Methodology. The editors, in their introduction to each volume, provide a state-of-the-art overview of the topic and explain the influence and relevance of the collected papers on the development of policy. This reference series provides access to the economic literature that has shaped contemporary perspectives on land use analysis and policy.
Table of Contents
Contents: The Harvest Rotation Issue: Calculation of the value which forest land and immature stands possess for forestry, M. Faustmann; Concerning the question of the rotation period in forestry, B. Ohlin; Financial maturity: a theoretical view, William R. Bentley and Dennis E. Teeguarden; Impacts of tax alternatives on forest values and investments, W. David Klemperer; Economics of forestry in an evolving society, Paul A Samuelson; An economic analysis of forest taxation's impact on optimal rotation age, Sun Joseph Chang; The effects of the risk of fire on the optimal rotation age of a forest, William J. Reed; Effects of the socially optimal rotation period in forestry of biotechnological improvements of the growth function, Karl Gustaf LÃ¶fgren; Timber harvesting with fluctuating prices, Robert Mendelsohn; Forest taxation and timber supply under price uncertainty: perfect capital markets, Erkki Koskela; The optimal forest rotation with evolving prices, David H. Newman, Charles B. Gilbert and William F. Hyde. Timber Supply: Planted Forests and the Optimal Draw-Down: How much land do we need for timber growing, Henry J. Vaux; Forests in the long sweep of American history, Marion Clawson; The economics of timber: a renewable resource in the long run?, Peter Berck; Mining of the forest and the time path of the price of timber, Kenneth S. Lyon; An optimal control theory model to estimate the regional long-term supply of timber, Kenneth S. Lyon and Roger A. Sedjo. Multiple-Use and Non-Timber Outputs: An economic approach to multiple use, G. Robinson Gregory; The harvesting decision when a standing forest has value, Richard Hartmann; policy-relevant nonconvexities in the production of multiple forest benefits, Stephen K. Swallow, Peter J. Parks and David N. Wear. Global Issues: Least-cost forest carbon reserves: cost-effective subsidies to convert marginal agricultural land to forests, Peter J. Parks and Ian W. Hardie; Potential and economic efficiency of carbon sequestration in forest biomass through silvicultural management, Hans Frederik Hoen and Birger Solberg; Effect of carbon taxes and subsidies on optimal forest rotation age and supply of carbon services, G. Cornelis van Kooten, Clark S. Binkley and Gregg Delcourt; Technological and economic potential of options to enhance, maintain and manage biological carbon reservoirs and geo-engineering, IPCC; Forest sector impacts from changes in forest productivity under climate change, Linda A. Joyce, John R. Mills, Linda S. Heath, A.D. McGuire, Richard W. Haynes and Richard A. Birdsey; The marginal cost of species preservation: the Northern Spotted Owl, Claire A. Montgomery, Gardner M. Brown Jr, and Darius M. Adams; Valuing biodiversity for use in pharmaceutical research, R. David Simpson, Roger A. Sedjo and John W. Reid; Name index.
'This book is a collection of some of the most significant journal essays in forest economics and forest policy. I strongly recommend this book for research scientists and graduate students of forest economics as an essential addition to their reference library.' Journal of Forest Economics