Skip to Main Content
Optimal Stand Management: Traditional and Neotraditional SolutionsAuthor(s): Karen Lee Abt; Jeffrey P. Prestemon
Source: In: Sills, Erin O.; Abt, Karen Lee, eds. Forests in a market economy. 2003. Dordrecht, The Netherlands: Kluwer Academic Publishers. p. 41-57.
Publication Series: Miscellaneous Publication
PDF: View PDF (176 KB)
DescriptionThe traditional Faustmann (1849) model has served as the foundation of economic theory of the firm for the forestry production process. Since its introduction over 150 years ago, many variations of the Faustmann have been developed which relax certain assumptions of the traditional model, including constant prices, risk neutrality, zero production and management costs, and the single management objective. We describe the traditional Faustmann and provide an overview of the neotraditional Faustmann and Hartman (1976) models. We then use the neotraditional Hartman model to develop testable hypotheses regarding harvest response to timber, land, and amenity values from forests. Using data from the North Carolina coastal plain, we test for inclusion of several often omitted variables in models of industrial and nonindustrial harvest behavior.
- You may send email to email@example.com to request a hard copy of this publication.
- (Please specify exactly which publication you are requesting and your mailing address.)
- We recommend that you also print this page and attach it to the printout of the article, to retain the full citation information.
- This article was written and prepared by U.S. Government employees on official time, and is therefore in the public domain.
CitationAbt, Karen Lee; Prestemon, Jeffrey P. 2003. Optimal Stand Management: Traditional and Neotraditional Solutions. In: Sills, Erin O.; Abt, Karen Lee, eds. Forests in a market economy. 2003. Dordrecht, The Netherlands: Kluwer Academic Publishers. p. 41-57.
- "Keeping it Living": applications and relevance of traditional plant management in British Columbia to sustainable harvesting of non-timber forest products
- Utilizing inventory information to calibrate a landscape simulation model
- Effect of Bioenergy Demands and Supply Response on Markets, Carbon, and Land Use
XML: View XML