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Economics of Forest Resources

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Author Info

  • Gregory S. Amacher

    ()
    (Virginia Tech)

  • Markku Ollikainen

    ()
    (University of Helsinki)

  • Erkki A. Koskela

    ()
    (University of Helsinki)

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    Abstract

    The field of forest economics has expanded rapidly in the last two decades, and yet there exists no up-to-date textbook for advanced undergraduate-graduate level use or rigorous reference work for professionals. Economics of Forest Resources fills these gaps, offering a comprehensive technical survey of the field with special attention to recent developments regarding policy instrument choice and uncertainty. It covers all areas in which mathematical models have been used to explain forest owner and user incentives and government behavior, introducing the reader to the rigor needed to think through the consequences of policy instruments. Technically difficult concepts are presented with a unified and progressive approach; an appendix outlines the basic concepts from calculus needed to understand the models and results developed. The book first presents the historical and classic models that every student or researcher in forest economics must know, including Faustmann and Hartman approaches, public goods, spatial interdependence, two period life-cycle models, and overlapping generations problems. It then discusses topics including policy instrument choice, deforestation, biodiversity conservation, and age class based forest modeling. Finally, it surveys such advanced topics as uncertainty in two-period models, catastrophic risk, stochastic control problems, deterministic optimal control, and stochastic and deterministic dynamic programming approaches. Boxes with empirical content illustrating applications of the theoretical material appear throughout. Each chapter is self-contained, allowing the reader, student, or instructor to use the text according to individual needs.

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    Bibliographic Info

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    This book is provided by The MIT Press in its series MIT Press Books with number 0262012480 and published in 2009.

    Volume: 1
    Edition: 1
    ISBN: 0-262-01248-0
    Handle: RePEc:mtp:titles:0262012480

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    Web page: http://mitpress.mit.edu

    Related research

    Keywords: forest economics;

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    Cited by:
    1. Susaeta, Andres & Carter, Douglas R. & Adams, Damian C., 2014. "Impacts of Climate Change on Economics of Forestry and Adaptation Strategies in the Southern United States," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 46(02), May.
    2. Sullivan, Jay & Amacher, Gregory S., 2013. "Optimal hardwood tree planting and forest reclamation policy on reclaimed surface mine lands in the Appalachian coal region," Resources Policy, Elsevier, vol. 38(1), pages 1-7.
    3. Clasen, Christian & Griess, Verena C. & Knoke, Thomas, 2011. "Financial consequences of losing admixed tree species: A new approach to value increased financial risks by ungulate browsing," Forest Policy and Economics, Elsevier, vol. 13(6), pages 503-511, July.
    4. Creamer, Selmin F. & Genz, Alan & Blatner, Keith A., 2012. "The Effect of Fire Risk on the Critical Harvesting Times for Pacific Northwest Douglas-Fir When Carbon Price Is Stochastic," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 41(3), December.
    5. Hahn, W. Andreas & Härtl, Fabian & Irland, Lloyd C. & Kohler, Christoph & Moshammer, Ralf & Knoke, Thomas, 2014. "Financially optimized management planning under risk aversion results in even-flow sustained timber yield," Forest Policy and Economics, Elsevier, vol. 42(C), pages 30-41.
    6. 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.
    7. Hultkrantz, Lars & Andersson, Linda & Mantalos, Panagiotis, 2014. "Stumpage prices in Sweden 1909–2012: Testing for non-stationarity," Journal of Forest Economics, Elsevier, vol. 20(1), pages 33-46.
    8. Bull, Lyndall & Thompson, Derek, 2011. "Developing forest sinks in Australia and the United States -- A forest owner's prerogative," Forest Policy and Economics, Elsevier, vol. 13(5), pages 311-317, June.
    9. Barreal, Jesús & Loureiro, Maria L. & Picos, Juan, 2014. "On insurance as a tool for securing forest restoration after wildfires," Forest Policy and Economics, Elsevier, vol. 42(C), pages 15-23.
    10. Juutinen, Artti & Mäntymaa, Erkki & Ollikainen, Markku, 2013. "Landowners’ conservation motives and the size of information rents in environmental bidding systems," Journal of Forest Economics, Elsevier, vol. 19(2), pages 128-148.
    11. Andersson, Linda & Hultkrantz , Lars & Mantalos , Panagiotis, 2013. "Stumpage Prices in Sweden 1909-2011: Testing for Non-Stationarity," Working Papers 2013:1, Örebro University, School of Business.
    12. Amacher, Gregory S. & Brazee, Richard J. & Deegen, Peter, 2011. "Faustmann continues to yield," Journal of Forest Economics, Elsevier, vol. 17(3), pages 231-234, August.
    13. Lewandrowski, Jan & Kim, C.S. & Aillery, Marcel, 2014. "Carbon sequestration through afforestation under uncertainty," Forest Policy and Economics, Elsevier, vol. 38(C), pages 90-96.
    14. Salant, Stephen W., 2013. "The equilibrium price path of timber in the absence of replanting: does Hotelling rule the forests too?," Resource and Energy Economics, Elsevier, vol. 35(4), pages 572-581.

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