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Private Investment in Forest Management and the Long‐Term Supply of Timber
Author(s) -
Adams Darius M.,
Haynes Richard W.,
Dutrow George F.,
Barber Richard L.,
Vasievich Joseph M.
Publication year - 1982
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1241127
Subject(s) - investment (military) , forest management , forest product , wood production , product (mathematics) , natural resource economics , business , economics , agricultural economics , agroforestry , environmental science , geometry , mathematics , politics , political science , law
Timber supply behavior of private forest owners is a major uncertainty in long‐term forest product market projections. A model of private supply is developed that explains both harvest and forest management investment decisions. Comparison of two fifty‐year projections, one assuming constant management intensity and a second using the harvest‐investment model, indicates that projected levels of investment would ( a ) have little impact on markets prior to the year 2000, ( b ) stabilize real wood product prices after 2000, ( c ) eliminate softwood lumber imports by 2030, and ( d ) expand the dominant role of southern forest regions in wood product markets.