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Forest Land Conversion Over Time: Implications for the Faustmann Formula

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The Faustmann timber production model has been used to examine the allocation of land between alternative forest land use options. This article provides a clarification and extension of this previous work. We use the basic forest land use options model to allow for the changes in forestland use over time. First, we modify Faustmann's original assumptions to allow for a one-off change in prices or an initial allocation constraint, and examine the forest land manager's decision to switch to an alternative land use at some point in the future. Second, we look at the case where prices evolve over time and it is optimal for the forest land manager to switch between land uses on an equilibrium path. This second extension provides a new application of the Faustmann timber production model. We discuss the theoretical insights and the implications for forest conversion. FOR. SCI. 47(4):510–519.
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Keywords: Forest land-use options; environmental management; forest; forest management; forest resources; forestry; forestry research; forestry science; land-use switching; natural resource management; natural resources

Document Type: Miscellaneous

Affiliations: 1: Department of Economics and Finance, University of Wyoming, P.O. Box 3985 Laramie, Wyoming, 82071-3985, Phone (307) 766 2546; Fax: (307) 766 5090 [email protected] 2: Department of Economics, University College, London, UK, Phone (01275) 798 436 [email protected]

Publication date: 2001-11-01

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.

    2016 Impact Factor: 1.782 (Rank 17/64 in forestry)

    Average time from submission to first decision: 62.5 days*
    June 1, 2016 to Feb. 28, 2017

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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