Title: Optimal Stand Management: Traditional and Neotraditional Solutions
Author: Abt, Karen Lee; Prestemon, Jeffrey P.
Source: In: Sills, Erin O.; Abt, Karen Lee, eds. Forests in a market economy. 2003. Dordrecht, The Netherlands: Kluwer Academic Publishers. p. 41-57.
Description: The traditional Faustmann (1849) model has served as the foundation of economic theory of the firm for the forestry production process. Since its introduction over 150 years ago, many variations of the Faustmann have been developed which relax certain assumptions of the traditional model, including constant prices, risk neutrality, zero production and management costs, and the single management objective. We describe the traditional Faustmann and provide an overview of the neotraditional Faustmann and Hartman (1976) models. We then use the neotraditional Hartman model to develop testable hypotheses regarding harvest response to timber, land, and amenity values from forests. Using data from the North Carolina coastal plain, we test for inclusion of several often omitted variables in models of industrial and nonindustrial harvest behavior.
View and Print this Publication (176 KB)
Pristine Version: An uncaptured or "pristine" version of this publication is available. It has not been subjected to OCR (Optical Character Recognition) and therefore does not have any errors in the text. However it is a larger file size and some people may experience long download times. The "pristine" version of this publication is available here: View and Print the PRISTINE copy of this Publication
- We recommend that you also print this page and attach it to the printout of the article, to retain the full citation information.
- This article was written and prepared by U.S. Government employees on official time, and is therefore in the public domain.
Get the latest version of the Adobe Acrobat reader or Acrobat Reader for Windows with Search and Accessibility
Abt, Karen Lee; Prestemon, Jeffrey P. 2003. Optimal Stand Management: Traditional and Neotraditional Solutions. In: Sills, Erin O.; Abt, Karen Lee, eds. Forests in a market economy. 2003. Dordrecht, The Netherlands: Kluwer Academic Publishers. p. 41-57..