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A long-run perspective on renewable resource use and amenity benefits: the case of forestry

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  • Gregory S. Amacher
  • Markku Ollikainen
  • Mikko Puhakka

Abstract

We examine the existence and stability properties of the long-run equilibrium in an economy using forest resources for consumption and amenity benefits. We incorporate forest resources into an overlapping generations model as a factor of production, source of amenity benefits and store of value. We characterise dynamics and stability of steady-state equilibria with a logistic resource growth function, and demonstrate with parametric and numerical examples that a unique and stable equilibrium exists under a set of parameter restrictions. We show that the productivity of timber in production of consumption and the weight given to amenities substantially affect the steady-state equilibrium stock and its stability and dynamics. Especially, the higher the productivity of timber in production, the lower the steady-state forest stock.

Suggested Citation

  • Gregory S. Amacher & Markku Ollikainen & Mikko Puhakka, 2015. "A long-run perspective on renewable resource use and amenity benefits: the case of forestry," Journal of Environmental Economics and Policy, Taylor & Francis Journals, vol. 4(2), pages 164-176, July.
    • Handle: RePEc:taf:teepxx:v:4:y:2015:i:2:p:164-176
    DOI: 10.1080/21606544.2014.987830
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