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Optimal forest rotation and land values under a borrowing constraint

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  • Tahvonen, Olli
  • Salo, Seppo
  • Kuuluvainen, Jari

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  • Tahvonen, Olli & Salo, Seppo & Kuuluvainen, Jari, 2001. "Optimal forest rotation and land values under a borrowing constraint," Journal of Economic Dynamics and Control, Elsevier, vol. 25(10), pages 1595-1627, October.
    • Handle: RePEc:eee:dyncon:v:25:y:2001:i:10:p:1595-1627
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    1. Clarke, Harry R. & Reed, William J., 1989. "The tree-cutting problem in a stochastic environment : The case of age-dependent growth," Journal of Economic Dynamics and Control, Elsevier, vol. 13(4), pages 569-595, October.
    2. Tahvonen, Olli & Salo, Seppo, 1999. "Optimal Forest Rotation within SituPreferences," Journal of Environmental Economics and Management, Elsevier, vol. 37(1), pages 106-128, January.
    3. Willassen, Yngve, 1998. "The stochastic rotation problem: A generalization of Faustmann's formula to stochastic forest growth," Journal of Economic Dynamics and Control, Elsevier, vol. 22(4), pages 573-596, April.
    4. Dennis, Donald F., 1990. "A probit analysis of the harvest decision using pooled time-series and cross-sectional data," Journal of Environmental Economics and Management, Elsevier, vol. 18(2), pages 176-187, March.
    5. Mitra, Tapan & Wan, Henry Jr., 1986. "On the faustmann solution to the forest management problem," Journal of Economic Theory, Elsevier, vol. 40(2), pages 229-249, December.
    6. Miller, Robert A. & Voltaire, Karl, 1983. "A stochastic analysis of the tree paradigm," Journal of Economic Dynamics and Control, Elsevier, vol. 6(1), pages 371-386, September.
    7. Olli Tahvonen, 1998. "Bequests, Credit Rationing and in situ Values in the Faustmann–Pressler–Ohlin Forestry Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 100(4), pages 781-800, December.
    8. Paul A. Murphy & James C. Fortson & James E. Bethune, 1977. "Timber Management Decision Making under Imperfect Capital Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(2), pages 302-310.
    9. Toshihiro Ihori, 1996. "Public Finance in an Overlapping Generations Economy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-38990-8.
    10. Samuelson, Paul A, 1976. "Economics of Forestry in an Evolving Society," Economic Inquiry, Western Economic Association International, vol. 14(4), pages 466-492, December.
    11. Heaps, Terry, 1984. "The forestry maximum principle," Journal of Economic Dynamics and Control, Elsevier, vol. 7(2), pages 131-151, May.
    12. Kuuluvainen, Jari, 1990. "Virtual price approach to short-term timber supply under credit rationing," Journal of Environmental Economics and Management, Elsevier, vol. 19(2), pages 109-126, September.
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    Citations

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    Cited by:

    1. Fabbri, Giorgio & Faggian, Silvia & Freni, Giuseppe, 2015. "On the Mitra–Wan forest management problem in continuous time," Journal of Economic Theory, Elsevier, vol. 157(C), pages 1001-1040.
    2. Alvarez, Luis H. R. & Koskela, Erkki, 2005. "Wicksellian theory of forest rotation under interest rate variability," Journal of Economic Dynamics and Control, Elsevier, vol. 29(3), pages 529-545, March.
    3. Deegen, Peter, 2016. "Private and public timber production: How markets and political institutions matter," Forest Policy and Economics, Elsevier, vol. 72(C), pages 56-65.
    4. Yukiko Hashida & Eli P. Fenichel, 2022. "Valuing natural capital when management is dominated by periods of inaction," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(2), pages 791-811, March.
    5. Salo, Seppo & Tahvonen, Olli, 2002. "On Equilibrium Cycles and Normal Forests in Optimal Harvesting of Tree Vintages," Journal of Environmental Economics and Management, Elsevier, vol. 44(1), pages 1-22, July.
    6. Newman, D.H., 2002. "Forestry's golden rule and the development of the optimal forest rotation literature," Journal of Forest Economics, Elsevier, vol. 8(1), pages 5-27.
    7. Koster, Roman & Fuchs, Jasper M., 2022. "Opportunity costs of growing space – an essential driver of economical single-tree harvest decisions," Forest Policy and Economics, Elsevier, vol. 135(C).
    8. Tahvonen, Olli & Rautiainen, Aapo, 2017. "Economics of forest carbon storage and the additionality principle," Resource and Energy Economics, Elsevier, vol. 50(C), pages 124-134.
    9. Alvarez, Luis H R & Koskela, Erkki, 2003. "On Forest Rotation under Interest Rate Variability," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 10(4), pages 489-503, August.
    10. Nguyen, Trung Thanh & Nghiem, Nhung, 2016. "Optimal forest rotation for carbon sequestration and biodiversity conservation by farm income levels," Forest Policy and Economics, Elsevier, vol. 73(C), pages 185-194.
    11. Chang, Fwu-Ranq, 2005. "On the elasticities of harvesting rules," Journal of Economic Dynamics and Control, Elsevier, vol. 29(3), pages 469-485, March.
    12. Wildberg, Johannes & Möhring, Bernhard, 2021. "Continuous timber harvest — Costly restriction or profitable solution?," Forest Policy and Economics, Elsevier, vol. 123(C).
    13. Coordes, Renke, 2016. "Coordination of forest management through market and political institutions," Forest Policy and Economics, Elsevier, vol. 72(C), pages 66-77.
    14. Salo, Seppo & Tahvonen, Olli, 2003. "On the economics of forest vintages," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1411-1435, June.
    15. Petri P Kärenlampi, 2019. "Wealth accumulation in rotation forestry – Failure of the net present value optimization?," PLOS ONE, Public Library of Science, vol. 14(10), pages 1-19, October.
    16. Mette Termansen, 2007. "Economies of scale and the optimality of rotational dynamics in forestry," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(4), pages 643-659, August.

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