2010
DOI: 10.1016/j.jfe.2009.06.002
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The optimal selective logging regime and the Faustmann formula

Abstract: This study analyzes the optimal selective logging regime of a size-distributed forest where individual trees compete for scarce resources such as space, light, and nutrients. The decision problem of the forest manager is formulated as a distributed optimal control problem. The interpretation of the first-order conditions allows a generalization of the Faustmann formula. In an empirical part, this article numerically determines the optimal management regime of a size-structured forest and shows that the optimal… Show more

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Cited by 21 publications
(16 citation statements)
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References 30 publications
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“…In addition, there exists a large mathematical literature on optimal harvesting (although with little or no economic content; see e.g. Brokate 1985;Getz and Haight 1989;Murphy and Smith 1990) and a related literature in forestry economics (see Xabadia and Goetz 2010, and the references therein). Skonhoft et al (2011) analyze selectivity in a three-stage model and find that only few straightforward results appear.…”
Section: Related Literaturementioning
confidence: 99%
“…In addition, there exists a large mathematical literature on optimal harvesting (although with little or no economic content; see e.g. Brokate 1985;Getz and Haight 1989;Murphy and Smith 1990) and a related literature in forestry economics (see Xabadia and Goetz 2010, and the references therein). Skonhoft et al (2011) analyze selectivity in a three-stage model and find that only few straightforward results appear.…”
Section: Related Literaturementioning
confidence: 99%
“…Formula Faustmann telah pula diaplikasi untuk hutan tak seumur di Eropa (Joseph Buongiorno, Holvorsen, Bollandsas, Gobakken, & Hofstad, 2012;Xabadia & Goetz, 2010). Beberapa penelitian telah pula dilakukan di hutan alam tropis yang multi-spesies dan multi-umur menggunakan formula Faustmann seperti di hutan alam Dipterokarpa di Kalimantan (Ingram & Buongiorno, 1996;G.A.…”
Section: Pendahuluanunclassified
“…The parameters of the model were collected from the literature on palm oil [18,19,20,21]. According to these studies, the value of α, β, r, k, and ν were respectively set at 0.35, 0.05, 0.01, 100, and 0.01.…”
Section: Simulationmentioning
confidence: 99%