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Does Faustmann Rotation Apply to Fully Regulated Forests?

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Forest economics literature contains two lines of research in which the Faustmann rotation is taken to be invalid for continuous harvesting, i.e., for normal or fully regulated forests. As alternatives, a “marginal model for divisible forest capital” and a “regular profit model for timber production” have been proposed and applied. In contrast, recent forest economics has provided vast evidence that the Faustmann rotation is the long-term stationary state in rotation models with multiple age classes. In this article, we attempt to clear up this contradiction in the literature by showing that the two approaches deviating from the Faustmann approach yield the same rotation period. The deviations from the Faustmann approach are because the models are based on incorrect formulas for the value of a normal forest.
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Keywords: Faustmann model; age classes; normal forest; optimal rotation

Document Type: Research Article

Affiliations: 1: Olli Tahvonen, Finnish Forest Research Institute, Unioninkatu 40 A, FIN-00170 Helsinki, Finland—Phone: +358 10 211 2210; [email protected], Fax: +358 10 211 2104 2: Esa-Jussi Viitala, Finnish Forest Research Institute, Unioninkatu 40 A, FIN-00170 Helsinki, Finland.

Publication date: 2006-01-01

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    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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