Abstract
Traditional forestry economics has been chiefly concerned with wild or cultured forests as commercial, agricultural, enterprises. For these, net economic benefits stem from the harvested timber and the objective is to calculate the optimal pattern of harvesting over time. While there is a venerable literature on the standing, in situ, values of trees (see J. Nisbet’s entry in Palgrave (1912), Vol. II, pp. 113–18), these have been incorporated only recently in formal optimizing models.
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Neher, P.A. (2018). Forests. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_69
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DOI: https://doi.org/10.1057/978-1-349-95189-5_69
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