Abstract
Forests are considered as a separate natural resource in this book because they represent an unusual capital investment problem where a long time lag exists between the decision to invest in tree seedlings and the decision to harvest. At any point in time a forester may be simultaneously deciding to invest by replanting and to disinvest by clear-felling mature trees, which are the result of investment decisions taken some generations earlier.
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© 1997 Nick Hanley, Jason F. Shogren and Ben White
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Hanley, N., Shogren, J.F., White, B. (1997). The Economics of Forestry Exploitation. In: Environmental Economics in Theory and Practice. Macmillan Texts in Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-24851-3_11
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DOI: https://doi.org/10.1007/978-1-349-24851-3_11
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