Long-Run Timber Supply and the Economics of Timber Production

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Abstract:

The analysis of long-run timber supply is hampered by the lack of a well-defined profit function. Such a function provides the foundation for deriving a theoretically consistent supply equation. Some recent studies have attempted to obtain a timber supply equation by manipulating the stand-level Faustmann model. As a result of inappropriate approaches and assumptions, their conclusions may be false. In this article, we build on the Faustmann-Smith-Samuelson model first developed by Comolli (1981) to examine aggregate timber production. We show this model to have the desired properties of a profit function that allows us to test various issues. It is then found that the general beliefs of negatively sloped per-land-unit supply curves and positively sloped aggregate supply curve are robust. Finally, we present several applications and implications of our modeling approach. For. Sci 43(1):113-120.

Keywords: Faustmann; production function; profit function

Document Type: Journal Article

Affiliations: Associate Professor, Warnell School of Forest Resources, University of Georgia, Athens, GA 30602-2152

Publication date: February 1, 1997

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.
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