Citation dynamics, thematic structure and temporal evolution of research on the Faustmann Forest Economics model (1962–2025)

The purpose of this paper is to conduct a systematic literature review on the regional and thematic evolution of research around the Faustmann natural resource economic model. The Faustmann model, originating from capital theory, was developed to maximize forest land expectation value (LEV). Since its formulation, it has become a cornerstone of forest economics, particularly in studies on optimal rotation age. This study employs text analytics and co-citation mapping using VOSviewer, with bibliographic data sourced from Scopus to produce two types of analysis: a country co-citation map and a term co-occurrence map based on records from 1962 to 2025, examining how the model has been applied, extended, and modified to address specific challenges corresponding the forest economy characteristics of geographical regions and contemporary forestry concerns, including risk assessment, climate change, carbon sequestration, and sustainable forest management. Article inclusion was determined following the PRISMA guideline, ensuring relevance and methodological rigor. The results provide insight into how the model has been diversified due to national research priorities and ecological characteristics, as well as it's thematic evolution into four major thematic areas: (1) carbon sequestration, plantation forestry, and economic incentives; (2) theoretical extensions of the Faustmann model; (3) storm risk, timber market uncertainty, and opportunity cost; and (4) climate change, fire and pest risk, and adaptive management strategies. An overlay visualization was also generated to examine the model's evolution through time.