Document Type

Article

Journal/Book Title/Conference

Economic Research Institute Study paper

Publisher

Utah State University

Publication Date

3-1-1986

First Page

1

Last Page

12

Abstract

The Faustmann model has played a key role in the determination of optimal forest rotations. Faustmann (1849) developed a simple and deterministic competitive economic model, the objective of which was to maximize the present value of perpetual returns to the fixed factor, a unit of timber land. The optimal rotation problem thus viewed is a timber management problem abstracting from the multiple use characteristics of a forest stand and any environment of uncertainty. Hartman (1976) developed a modified deterministic Faustmann model where a standing forest has value in the form of "recreation", a general term used to capture non-timber forest uses. He did not consider regeneration costs and the costs of making recreation available to users.


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