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Renewable Resources with Endogenous Age Classes and Allocation of Land

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  • Seppo Salo
  • Olli Tahvonen

Abstract

It is shown that if it is optimal to allocate all land to forestry, the long-run stationary state is a cyclical solution around an equilibrium with an even timber flow. The equilibrium cycles vanish when it is optimal to allocate some fraction of land outside forestry. We present numerical examples on the transitional dynamics and long- and short-run timber supply. When land conversion is costly, the cycles do not vanish and the long-run equilibrium between forestry and agriculture is represented by a continuum. Copyright 2004, Oxford University Press.

Suggested Citation

  • Seppo Salo & Olli Tahvonen, 2004. "Renewable Resources with Endogenous Age Classes and Allocation of Land," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(2), pages 513-530.
  • Handle: RePEc:oup:ajagec:v:86:y:2004:i:2:p:513-530
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    File URL: http://hdl.handle.net/10.1111/j.0092-5853.2004.00596.x
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    Citations

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    Cited by:

    1. Jussi Lintunen & Jussi Uusivuori, 2014. "On The Economics of Forest Carbon: Renewable and Carbon Neutral But Not Emission Free," Working Papers 2014.13, Fondazione Eni Enrico Mattei.
    2. Ali Khan, M. & Piazza, Adriana, 2012. "On the Mitra–Wan forestry model: A unified analysis," Journal of Economic Theory, Elsevier, vol. 147(1), pages 230-260.
    3. COUTURE Stephane & REYNAUD Arnaud, 2006. "Multi-stand Forest Management Under a Climatic Risk: Do time and Risk Preferences Matter?," LERNA Working Papers 06.17.210, LERNA, University of Toulouse.
    4. Couture, Stéphane & Cros, Marie-Josée & Sabbadin, Régis, 2016. "Risk aversion and optimal management of an uneven-aged forest under risk of windthrow: A Markov decision process approach," Journal of Forest Economics, Elsevier, vol. 25(C), pages 94-114.
    5. Renato Rosa & Clara Costa Duarte & Maria A. Cunha-e-Sá, 2009. "The Role of Forests as Carbon Sinks: Land-Use and Carbon Accounting," Working Papers 2009.61, Fondazione Eni Enrico Mattei.
    6. Duarte, Clara Costa & Sa, Maria A. Cunha e, 2006. "Forest vintages and carbon sequestration," FEUNL Working Paper Series wp482, Universidade Nova de Lisboa, Faculdade de Economia.
    7. Coordes, Renke, 2016. "The emergence of forest age structures as determined by uneven-aged stands and age class forests," Journal of Forest Economics, Elsevier, vol. 25(C), pages 160-179.
    8. Duarte, Clara Costa & Sa, Maria A. Cunha e, 2006. "Continuous versus Discrete Time Forest Management Models with Carbon Sequestration Benefits," FEUNL Working Paper Series wp497, Universidade Nova de Lisboa, Faculdade de Economia.
    9. repec:eee:resene:v:50:y:2017:i:c:p:124-134 is not listed on IDEAS
    10. Tregeagle, Daniel & Zilberman, David, 2016. "The Yield Dynamics of Perennial Crops: An Application to Sugarcane in Brazil," 2016 Annual Meeting, July 31-August 2, 2016, Boston, Massachusetts 236046, Agricultural and Applied Economics Association.
    11. Lintunen, Jussi & Uusivuori, Jussi, 2016. "On the economics of forests and climate change: Deriving optimal policies," Journal of Forest Economics, Elsevier, vol. 24(C), pages 130-156.
    12. Khan, M. Ali, 2016. "On a forest as a commodity and on commodification in the discipline of forestry," Forest Policy and Economics, Elsevier, vol. 72(C), pages 7-17.
    13. Adriana Piazza, 2010. "About optimal harvesting policies for a multiple species forest without discounting," Journal of Economics, Springer, vol. 100(3), pages 217-233, July.
    14. Laboratoire d’Economie Forestière, 2006. "Perspectives de Recherche en Economie Forestière en France : Programmes Prioritaires pour la Période 2005-2008," Working Papers - Cahiers du LEF 2006-01, Laboratoire d'Economie Forestiere, AgroParisTech-INRA.
    15. Gaspard Dumollard & Stéphane De Cara, 2017. "Land allocation between a multiple-stand forest and agriculture under storm risk and recursive preferences," Post-Print hal-01671595, HAL.
    16. Cunha-e-Sá, Maria A. & Rosa, Renato & Costa-Duarte, Clara, 2013. "Natural carbon capture and storage (NCCS): Forests, land use and carbon accounting," Resource and Energy Economics, Elsevier, vol. 35(2), pages 148-170.
    17. Couture, Stéphane & Reynaud, Arnaud, 2011. "Forest management under fire risk when forest carbon sequestration has value," Ecological Economics, Elsevier, vol. 70(11), pages 2002-2011, September.
    18. Adriana Piazza, 2009. "The optimal harvesting problem with a land market: a characterization of the asymptotic convergence," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(1), pages 113-138, July.
    19. Piazza, Adriana & Roy, Santanu, 2015. "Deforestation and optimal management," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 15-27.

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