This paper extends the Hartman model to include the case where two adjacent stands may be interdependent in the provision of amenity services. We show first that the relationship between the focal and exogenous rotation age depends on the nature of their temporal interdependence, i.e. on what...

This paper extends the Hartman model to study the optimal rotation age of two interdependent stands when the stream of amenities produces from the two stands may be complements or substitutes, both in space and over time. In the presence of stand interdependence both the ownership structure and...

This paper analyzes socially optimal forest taxation when the government has a binding tax revenue requirement. In the Faustmann model the optimal design of forest taxation consists of non-distortionary taxes, such as site productivity tax, site value tax or profit tax. A combination of...

The authors incorporate a renewable resource into an overlapping generations model with standard, well behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. They characterize dynamics, efficiency and...

We study the socially optimal design of forest royalty and enforcement instruments in the case where concessions are allocated by a government, illegal logging incentives are present, and the government has available both area-based and value-based royalty instruments. When harvesters are risk...

We propose a framework with endogenous allocation of land between agricultural production, sustainable forest management, and unsustainable forest exploitation in the form of illegal logging to explore deforestation and agricultural and timber supplies when property rights are insecure....