Application of the generalized Faustmann model to uneven-aged forest management
AbstractIn this paper, a generalized Faustmann model is developed for uneven-aged management to allow the number of years and the level of residual growing stock to vary from one cutting cycle to the next. Comparative static analyses are conducted to determine the effect of changes in interest rate, stumpage price of the trees selected for harvest, the stumpage value of the residual growing stock, and the future land value on the decision variables. The model is then applied to study the uneven-aged management of a loblolly-shortleaf pine stand in south central U.S. to determine the length of the cutting cycle and the level of residual growing stock for the first cutting cycle as well as for a case involving four cutting cycles. Sensitivity analyses reveal that for the uneven-aged loblolly-shortleaf pine stand both the length of the cutting cycle and the level of the residual growing stock are very sensitive to changes in land value in the future, in the stumpage prices of trees selected for harvest, in the stumpage prices of the residual growing stock, and in the interest rate.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Forest Economics.
Volume (Year): 16 (2010)
Issue (Month): 4 (December)
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Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/701775/description#description
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- Orois, Sofia Sanchez & Chang, Sun Joseph & Gadow, Klaus von, 2004. "Optimal residual growing stock and cutting cycle in mixed uneven-aged maritime pine stands in Northwestern Spain," Forest Policy and Economics, Elsevier, vol. 6(2), pages 145-152, March.
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- Halbritter, Andreas & Deegen, Peter, 2011. "Economic analysis of exploitation and regeneration in plantations with problematic site productivity," Journal of Forest Economics, Elsevier, vol. 17(3), pages 319-334, August.
- Chang, Sun Joseph & Deegen, Peter, 2011. "Pressler's indicator rate formula as a guide for forest management," Journal of Forest Economics, Elsevier, vol. 17(3), pages 258-266, August.
- Susaeta, Andres & Chang, Sun Joseph & Carter, Douglas R. & Lal, Pankaj, 2014. "Economics of carbon sequestration under fluctuating economic environment, forest management and technological changes: An application to forest stands in the southern United States," Journal of Forest Economics, Elsevier, vol. 20(1), pages 47-64.
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