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Landowner Objectives and Nonindustrial Private Timber Supply

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Abstract:

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.

Keywords: Amenities; Tobit model; credit rationing

Document Type: Journal Article

Affiliations: Finnish Forest Research Institute, Unioninkatu 40 A, FIN-00170 Helsinki, Finland

Publication date: August 1, 1996

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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