Forestry and the New Institutional Economics
An Application of Contract Theory to Forest Silvicultural Investment
This title was first published in 2001. Using a case study from British Columbia, this book addresses the economies of institutions, institutional change and transactions costs and develops the theory of the New Institutional Economics in the context of forestry institutions. This approach to economic analysis of forestry investment problems will emphasize the understanding of the linkages between the biological as well as institutional attributes of forestry activities.
Table of Contents
Contents: Introduction; Property rights, institutions and market failure; Market failure and forestry; Contracts, information and transaction costs; Organizations, regulation and policy instruments; The silvicultural contracting sector; Contracting out or in-house delivery?; How to hire and pay silvicultural workers?; Silvicultural investment and institutional restructuring; References; Index.
’The analysis of this book is careful and thorough in its investigation...illustrative and inviting. It is inviting because it tempts any thoughtful reader to inquire about the other critical forestry institutions that are more important outside of British Columbia. Dr. Wang and Professor van Kooten have provided the leadership with their analyses in this book. They, and the rest of us, have a responsibility to continue the good work.’ William F. Hyde, Goteborg University, Sweden