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The Economic Value of a Forested Catchment with Timber, Water and Carbon Sequestration Benefits

  • Creedy, J.
  • Wurzbacher, A.D.

This paper examines the optimal management strategy for a forested catchment that yields timber, water and carbon sequestration benefits. The Faustmann multiple rotation model is extended to allow for the maximisation of the net present value of these timber and non-timber benefits. The model is applied to the Thomson Catchment in Central Gippsland, Victoria. Carbon sequestration benefits are modelled via total stand biomass accumulation. The cost of carbon release back into the atmosphere upon logging is estimated as a function of rotation age using an adjusted pulpwood/sawlog ratio. The allowance for both non-timber benefits is found to lengthen the optimal rotation, in a large range of cases to infinity.

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Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 753.

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Length: 27 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:mlb:wpaper:753
Note: This paper has now been published in: Creedy, J. and Wurzbacher, A.D. (2001), The Economic Value of a Forested Catchment with Timber, Water and Carbon Sequestration Benefits, Ecological Economics, 38, pp. 71-83.
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  1. D Demeritt & D Rothman, 1999. "Figuring the costs of climate change: an assessment and critique," Environment and Planning A, Pion Ltd, London, vol. 31(3), pages 389-408, March.
  2. Kadekodi, Gopal K. & Ravindranath, N. H., 1997. "Macro-economic analysis of forestry options on carbon sequestration in India," Ecological Economics, Elsevier, vol. 23(3), pages 201-223, December.
  3. Hartman, Richard, 1976. "The Harvesting Decision When a Standing Forest Has Value," Economic Inquiry, Western Economic Association International, vol. 14(1), pages 52-58, March.
  4. Roger Sedjo & Joe Wisniewski & Alaric Sample & John Kinsman, 1995. "The economics of managing carbon via forestry: Assessment of existing studies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 6(2), pages 139-165, September.
  5. S. Rama Chandra Reddy & Colin Price, 1999. "Carbon Sequestration and Conservation of Tropical Forests Under Uncertainty," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(1), pages 17-35.
  6. S Fankhauser & R S J Tol, 1999. "Figuring the costs of climate change: a reply," Environment and Planning A, Pion Ltd, London, vol. 31(3), pages 409-411, March.
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