The microeconomics of the timber industry

First published in 1980. After its completion it was presented to Midwestern Forest Economists meeting in 1975 renamed as "The Competitive Theory of Timber Production: A Capitalistic Manifesto to Sustained Yield Forestry." The purpose of this book is to provide a better linkage between microeconomic theory and forestry. The intended audience is forest economists, resource economists, graduate students interested in forest management and economics and others interested in an economic framework useful in viewing major public policies.

Cover -- Half Title -- Title -- Copyright -- Dedication -- Contents -- PREFACE -- ACKNOWLEDGMENTS -- 1 NATURE OF THE RESEARCH PROBLEM -- The Economic Question of Timber Supply -- The Nature of the Research Problem -- Research Objectives -- Relationship of the Study to Previous Research -- Research Approach and Methodology -- General Assumptions and Definitions -- Organization of the Study -- 2 THE THEORY OF THE PRIVATE TIMBER FIRM -- Introduction -- Nature of the Production Function -- The Timber Investment Plan -- Comparative Statistics Results -- The Firm's Supply Function -- Establishment and Rotation Age: Decision Complements -- Changes in Real Prices and Management Over time -- Production with Heterogeneous Product Quality -- Generalized Production with n-Decision Alternatives -- Production and Market Speculation -- Measurement and Meaning of Capital -- Summary and Conclusions -- 3 THEORY OF THE TIMBER MARKET -- Introduction -- Theory of Private Timber Supply with Two Decision Variables -- Supply in the Public Sector -- Theory of Timber Demand -- Market Equilibrium in the Private Sector -- Market Adjustments in Timber Growing Stock, Investments and Harvests -- Market Speculation -- Summary -- 4 THE PROBLEM OF FOREST TAXATION -- Introduction -- General Issues -- The Impact of Forest Taxes on the Firm -- The Incidence of Forest Taxes -- A Brief Note on Tax Induced Changes in Utilization -- Some Earlier Tax Findings -- Forest Taxes Summarized -- 5 RESEARCH AND POLICY IMPLICATIONS -- Introduction -- Implications for Operational Timber Management -- The Treatment of Risk -- Supply Implications and the Future -- The Site: A Fixed or Variable Factor of Production -- Forest Taxation -- Research and Public Timber Production -- Timber Production and Uncompensated Benefits and Costs -- Economics, Silviculture and the Need for Added Analytical Precision.