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| Author: | Tahvonnen, O. |
| Title: | Bequests, credit rationing, and in situ values in the Fuastmann-Pressler-Ohlin forestry model |
| Journal: | Scandinavian Journal of Economics
1998 : VOL. 100:4, p. 781-800 |
| Index terms: | SCANDINAVIA FORESTRY INDUSTRY MODELS |
| Language: | eng |
| Abstract: | The problem of determining the optimal time to stop the "pure aging process" has a 150-year history in forestry. The success of the rotation model lies in the fact that it is taken to be theoretically sound, empirically testable and has clear practical relevance. Nonetheless, empirical findings show that timber supply depends on variables missing from the original formulation. Previous research has addressed the problem by abandoning the pure aging descriptions of forests. |
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