Forest Economics

ISBN-10: 0774821531

ISBN-13: 9780774821537

Edition: 2011

List price: $54.95
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Description:

Forestry cannot be isolated from the forces that drive all economicactivity. It involves using land, labour, and capital to produce goodsand services from forests, while economics helps in understanding howthis can be done in ways that will best meet the needs of people.Therefore, a firm grounding in economics is integral to sound forestrypolicies and practices.This book, a major revision and expansion of Peter H. Pearse's1990 classic, provides this grounding. Updated and enhanced withadvanced empirical presentation of materials, it covers the basiceconomic principles and concepts and their application to modern forestmanagement and policy issues. Topics range from valuation of forestinvestments and unpriced forest goods and services to property rights,taxation, and global issues of forests and the environment. Reviewquestions and suggestions for further readings appear at the end ofeach chapter.Forest Economicsdraws on the strengths of two of thefield's leading practitioners who have more than fifty years ofcombined experience in teaching undergraduate and graduate courses inforest economics in the United States and Canada. Its comprehensive andsystematic analysis of forest issues makes it an indispensable resourcefor students and practitioners of forest management, natural resourceconservation, and environmental studies.Daowei Zhangis a professor of forest economicsand policy in the School of Forestry and Wildlife Sciences at AuburnUniversity.Peter H. Pearseis a professor emeritus atthe University of British Columbia, a forester RPF (Ret), and a memberof the Order of Canada.
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Book details

List price: $54.95
Copyright year: 2011
Publisher: University of British Columbia Press
Publication date: 7/1/2012
Binding: Paperback
Pages: 412
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 1.628
Language: English

Daowei Zhang is Professor of Forest Economics and Policy in the School of Forestry and Wildlife Sciences at Auburn University. Peter H. Pearse is a professor emeritus at the University of British Columbia and a Registered Professional Forester.

Figures and Tables
Foreword
Preface
Conversion Factors
Markets, Government, and Forest Investment Analysis
Forestry's Economic Perspective
Forestry from an Economic Viewpoint
Basic Economic Questions
Mixed Capitalism and the Role of Government
Economic Objectives: Efficiency and Equity
Forests as Economic Resources
Why Forest Economics?
Economic Decision Making
Review Questions
Further Reading
Market Economies and the Role of Government
Economic Efficiency and Opportunity Costs
The Theory of Production
Allocating Inputs among Alternative Uses
Market Failures and Externalities in Forestry
Government Intervention and Policy Failure
Appendix: Marginal Conditions for Efficiency
Review Questions
Further Reading
Forest Investment Analysis
Time and the Role of Interest
Compounding, Discounting, and Present Values
Criteria for Investment Decisions
Interest Rate, Inflation, Risk, and Uncertainty
Integrating Economics and Silviculture
Valuing Pre-Merchantable Timber
Taxes and Social Considerations
Notes
Appendix: Compounding and Discounting Formulas Commonly Used in Forestry
Review Questions
Further Reading
The Forest Sector - Land, Timber, and Unpriced Forest Values
Timber Supply, Demand, and Pricing
Supply, Demand, and Price Equilibrium
The Forest Products Sector
Forest Products Supply and Demand
The Demand for Timber
Timber Supply
Long-Run Wood Supply Projections
Determinants of Stumpage Prices
Price Distortions
Note
Review Questions
Further Reading
Unpriced Forest Values
Unpriced Values: A Problem of Measurement
Consumer Surplus as a Measure of Value
Evaluating Unpriced Recreation
Other Considerations in Valuing Recreational Resources
Externalities and Intrinsic Value
Other Practical Complications
Review Questions
Further Reading
Land Allocation and Multiple Use
Intensity of Land Use
Extensive Margin of Land Use
Allocation among Uses
Combinations of Uses
Practical Difficulties
An Illustration: Land-Use Change Associated with the Rise of Institutional Timberland Ownership in the United States
Review Questions
Further Reading
The Economics of Forest Management
The Optimal Forest Rotation
Optimal Rotation Age in Discrete Format
Optimal Rotation Age in Continuous Format
Cutting Cycles for an Uneven-Aged Stand
Comparisons with Other Rotation Criteria
Other Impacts on the Optimal Rotation
The Hartman Rotation Age
Notes
Review Questions
Further Reading
Regulating Harvests over Time
The Stand and the Forest
Market Solutions and Limitations
The Regulated Forest
Transition to a Normal Forest
Sustained Yield Rationale and Critique
Timber Harvests over Time in the Absence of Sustained Yield Policy: Market as a Regulator
New Approaches to Forest Regulation
Review Questions
Further Reading
Long-Term Trends in the Forest Sector and Silvicultural Investment
Long-Term Trends in the Forest Sector
A Conceptual Model for Silvicultural Investment
Factors Influencing Silvicultural Investment on Private Lands
Silvicultural Investment on Public Lands
Forest Plantation Development in the Southern United States
Note
Review Questions
Further Reading
Economics of Forest Policy
Property Rights
Property Rights, Property Value, and Economic Efficiency
Evolution of Forest Property Rights
Dimensions of Property and Their Economic Implications
Common Forms of Forest Tenure
Economic Issues of Tenure Systems
Private and Public Ownership
Review Questions
Further Reading
Forest Taxes and Other Charges
Characteristics of Forest Charges
Types of Forest Levies
Direct Taxes
Tax Incidence and Deadweight Loss
The Cost of Risk
Other Economic Considerations
Review Questions
Further Reading
Forest Economics in Global Perspective
Forest Products Trade
Trends in International Forest Products Trade
Comparative Advantage and the Principle of Specialization
Production Possibilities and Terms of Bilateral Trade
Factors Influencing International Forest Products Trade
The Political Economy of Trade Restrictions
Foreign Direct Investment in the Forest Industry
Review Questions
Further Reading
Global Forest Resources and the Environment
Global Forest Resources
Population, Economic Growth, and the Environment
Forest-Based Industrialization and Tropical Deforestation
The Role of Forests in Mitigating Global Climate Change
Emerging Issues in Forest Economics
Note
Review Questions
Further Reading
Index
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