Optimal harvest age considering multiple carbon pools - a comment
In two recent papers, Asante and Armstrong (2012) and Asante et al. (2011) considered the question of optimal harvest ages. They found that the larger are the initial pools of dead organic matter (DOM) and wood products, the shorter is the optimal rotation period. In this note, it is found that this conclusion follows from the fact that the authors ignored all release of carbon from decomposition of DOM and wood products after the time of the first harvest. When this is corrected for, the sizes of the initial stocks of DOM and wood products do not influence the optimal rotation period. Moreover, in contrast to the conclusions in the two mentioned papers, our numerical analysis indicates that inclusion of DOM in the model leads to longer, not shorter, rotation periods.
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- Hoel, Michael & Holtsmark, Bjart & Holtsmark, Katinka, 2014.
"Faustmann and the climate,"
Journal of Forest Economics,
Elsevier, vol. 20(2), pages 192-210.
- Michael Hoel & Bjart Holtsmark & Katinka Holtsmark, 2012. "Faustmann and the Climate," Discussion Papers 701, Statistics Norway, Research Department.
- Hoel, Michael & Holtsmark, Bjart & Holtsmark, Katinka, 2012. "Faustmann and the Climate," Memorandum 26/2012, Oslo University, Department of Economics.
- Michael Hoel & Bjart Holtsmark & Katinka Holtsmark, 2012. "Faustmann and the Climate," CESifo Working Paper Series 3951, CESifo Group Munich.
- Tahvonen, Olli, 1995. "Net national emissions, CO2 taxation and the role of forestry," Resource and Energy Economics, Elsevier, vol. 17(4), pages 307-315, December.
- Asante, Patrick & Armstrong, Glen W. & Adamowicz, Wiktor L., 2011. "Carbon sequestration and the optimal forest harvest decision: A dynamic programming approach considering biomass and dead organic matter," Journal of Forest Economics, Elsevier, vol. 17(1), pages 3-17, January.
- Haberl, Helmut & Sprinz, Detlef & Bonazountas, Marc & Cocco, Pierluigi & Desaubies, Yves & Henze, Mogens & Hertel, Ole & Johnson, Richard K. & Kastrup, Ulrike & Laconte, Pierre & Lange, Eckart & Novak, 2012. "Correcting a fundamental error in greenhouse gas accounting related to bioenergy," Energy Policy, Elsevier, vol. 45(C), pages 18-23.
- Price, Colin & Willis, Rob, 2011. "The multiple effects of carbon values on optimal rotation," Journal of Forest Economics, Elsevier, vol. 17(3), pages 298-306, August.
- Asante, Patrick & Armstrong, Glen W., 2012. "Optimal forest harvest age considering carbon sequestration in multiple carbon pools: A comparative statics analysis," Journal of Forest Economics, Elsevier, vol. 18(2), pages 145-156.
- G. Cornelis van Kooten & Clark S. Binkley & Gregg Delcourt, 1995. "Effect of Carbon Taxes and Subsidies on Optimal Forest Rotation Age and Supply of Carbon Services," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(2), pages 365-374.
- Bjart Holtsmark, 2012. "Harvesting in boreal forests and the biofuel carbon debt," Climatic Change, Springer, vol. 112(2), pages 415-428, May.
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