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The Long-Run Timber Supply Function

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Abstract:

The long-run equivalent annual timber supply functions resulting from two increasingly complicated versions of the Faustmann model were derived and examined. In both cases, the expression for the equivalent annual quantity of timber supplied was identical. A second main result was the mathematical proof that the slope of the long-run timber supply curve is positive along its entire length when establishment costs are fixed and variable. Some calculations were made using a well-established yield function for jack pine in Ontario, and these supported the theoretical conclusions. In contrast, the use of V*/t* as the equivalent annual output incorporates the implicit assumption that the discount rate is zero. For. Sci. 36(1):77-86.

Keywords: Annual rent; Faustmann formula; Hotelling's lemma; variable management intensity

Document Type: Journal Article

Affiliations: Faculty of Forestry, University of Toronto, 33 Willcocks St., Toronto, Ontario M5S 3B3

Publication date: 1990-03-01

More about this publication?
  • Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2015 Impact Factor: 1.702
    Ranking: 16 of 66 in forestry

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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