Socially optimal forestry
type: Item
instance of: scholarly article
title: Socially optimal forestry
zbMATH Open document ID: 0656.90026
DOI: 10.1016/0095-0696(88)90033-2
author: Martin Hellsten
published in: Journal of Environmental Economics and Management
publication date: 1988-01-01T00:00:00Z
review text: The Faustmann rule is the major contribution of economic theory to the analysis of forestry management. It is typical to consider the Faustmann rule in the context of a model of forestry firm in which there is some periodicity in the rate of harvesting over time. This paper on the other hand shows the Faustmann rule to be associated with socially optimal sustained yield or steady-state regimes. In the course of so doing, attention is placed on the role of the shadow price of a tree in the determination of an optimal harvesting policy.
Mathematics Subject Classification ID: 91B76
Mathematics Subject Classification ID: 91B38
zbMATH DE Number: 4072671
zbMATH Keywords: Faustmann rule
zbMATH Keywords: forestry management
zbMATH Keywords: steady-state regimes
zbMATH Keywords: shadow price
zbMATH Keywords: optimal harvesting policy
MaRDI profile type: Publication
full work available at URL: 0095-0696(88)90033-2
OpenAlex ID: W2075106492
description: scientific article; zbMATH DE number 4072671