Landowner Objectives and Nonindustrial Private Timber Supply
In this paper, nonindustrial private forest owners' objectives are empirically identified, and the link between ownership objectives and observed harvesting behavior is established by estimating a theoretically derived timber supply function. Survey data on 146 Finnish forest owners and their timber sales in 1987-1991 is used. Prior to estimation, forest owners are classified into four groups according to their ownership objectives by K-means clustering. Dummy variables indicating cluster membership are included in the supply function. According to the results, "multiobjective owners" harvest significantly more (m ³/ha/yr) than the other owner groups (self-employed owners, recreationists, and investors), ceteris paribus. The results further indicate that the multiobjective owners' harvesting policy can be described as present-value maximizing while the other (single-objective) groups' harvesting behavior seems to reflect the effect of market imperfections, as assumed by the theoretical model of the study. For. Sci. 42(3):300-309.
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Document Type: Journal Article
Affiliations: Finnish Forest Research Institute, Unioninkatu 40 A, FIN-00170 Helsinki, Finland
Publication date: 1996-08-01
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