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Multiple‐Use Resource Economics: Theory and Planning Applications
Author(s) -
Leefers Larry A.,
Norbury Frederick L.,
Kaiser H. Fred
Publication year - 1987
Publication title -
transactions of the american fisheries society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.696
H-Index - 86
eISSN - 1548-8659
pISSN - 0002-8487
DOI - 10.1577/1548-8659(1987)116<367:mre>2.0.co;2
Subject(s) - valuation (finance) , nonmarket forces , resource (disambiguation) , product (mathematics) , information economics , computer science , management science , economics , environmental economics , business , operations research , microeconomics , engineering , computer network , geometry , mathematics , finance , factor market
Progress has been made in theoretical and applied aspects of the economics of multiple‐use planning. Traditional microeconomic approaches to multiple products have been expanded through the use of capital theory and optimal control theory. From an applied standpoint, mathematical programming and information matrices have played an important role in multiple‐use planning, particularly in the U.S. Forest Service. Several continuing challenges, however, relate to all forestry and fisheries multiple‐use planning efforts: the large number of products needed to represent relevant resource uses, estimation of multiple‐product production possibilities, nontraditional nature of some outputs, and valuation of nonmarket products. Despite these continuing challenges, economics still shows promise by providing a consistent analysis framework, a means for analyzing opportunities, and a vehicle for delivering information to decision makers.