Publication
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Publication
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The analysis of long run timber supply on the basis of the stand-level Faustmann model has been hampered by the lack of a well-defined profit function with which to evaluate forest output. In our paper, we build on the Faustmann-Smith-Samuelson forest-level model, first developed by Comolli, to examine aggregate timber production. We show this model to have the desired properties of a profit function that allows us to test various issues. From the comparative statics, we find that the general beliefs of negatively sloped per-land-unit supply curves and positively sloped aggregate supply curve is robust. Finally, we present several applications and implications of our modeling approach.
Yin, R. and D. H. Newman. 1996. Pages 397-406 ,New Orleans, LA. Proceedings of the 1995 Southern Forest Economics Workshop. 4/17/1995.
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Forest Economics and Policy |
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USDA Forest Service Southern Research Station |