The Microeconomics of the Timber Industry

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.