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Forestry Economics: Principles and Practice

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Abstract

This review discusses bioeconomic models of the forest and uses them to explore policy options for forest management. The main type of bioeconomic model used is based on a biomass model of the growth of the forest, similar to the biomass model widely used in fishery economics. However a more detailed model, similar to the cohort-based models of fish stocks, which simulates the growth of subsections of the forest is also referred to. The bioeconomic models are based on simple assumptions about prices and costs - mainly that the forest industry, as a small part of the economy, is a price taker in both output and input markets. The models were initially used to examine the harvesting policy which would maximise the net present value of the timber produced by the forest. However it was recognised that non-timber values are becoming increasingly important and must be accounted for in the development of an optimal forest strategy. Case Studies consider some of the issues raised in the paper in greater detail.

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  • Prof. Harry F. Campbell, 1999. "Forestry Economics: Principles and Practice," Discussion Papers Series 265, School of Economics, University of Queensland, Australia.
    • Handle: RePEc:qld:uq2004:265
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    File URL: https://espace.library.uq.edu.au/view/UQ:11074/DP265Oct99.pdf
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    1. O'Regan, Michael & Bhati, U.N., 1991. "Pricing and allocation of logs in Australia," Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) Archive 316173, Australian Government, Australian Bureau of Agricultural and Resource Economics and Sciences.
    2. Strang, William J, 1983. "On the Optimal Forest Harvesting Decision," Economic Inquiry, Western Economic Association International, vol. 21(4), pages 576-583, October.
    3. Galapitage, D.C., 1989. "Alternative Management Policies for Mountain Ash (Eucayptus Regnans F.Muell) In Victoria," 1989 Conference (33rd), February 7-9, 1989, Christchurch, New Zealand 144722, Australian Agricultural and Resource Economics Society.
    4. Binkley, Clark S., 1987. "When is the optimal economic rotation longer than the rotation of maximum sustained yield?," Journal of Environmental Economics and Management, Elsevier, vol. 14(2), pages 152-158, June.
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    1. Maraseni, Tek Narayan & Son, Hoang Lien & Cockfield, Geoff & Duy, Hung Vu & Nghia, Tran Dai, 2017. "Comparing the financial returns from acacia plantations with different plantation densities and rotation ages in Vietnam," Forest Policy and Economics, Elsevier, vol. 83(C), pages 80-87.

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