This paper uses the Kreps-Porteus-Selden non-expected utility approach to study the effects of biological uncertainty on harvesting behavior when forest owners have preferences over harvest revenue and amenity services of forest stands.

This paper analyzes the design of agri-environmental policy, when the available instruments are simultaneously chosen so as to maximize society's target function. The instruments to be analyzed include the acreage subsidy targeting income support, the fertilizer tax, and the buffer-strip subsidy...

We 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. We characterize dynamics, efficiency and stability of...

We incorporate a renewable resource into an overlapping generations model without capital. Besides being an input for production the resource serves as the store of value. Dynamics, efficiency and stability of the steady state equilibria are characterized.

We study the multifunctional character of agriculture based on the fact that agriculture produces jointly a number of food and non-food products. We augment the model of private agriculture with endogenous input and land allocation to include biodiversity, landscape amenity, and chemical runoff.

This paper extends the overlapping generations model of the forest sector with the one-sided altruism to study the conditions under which monetary and/or timber bequests are operative. The paper departs from the general public finance literature by assuming nonindustrial landowners have...

This paper studies optimal forest policies in an overlapping generations forest economy with one-sided altruism and public goods, where timber and monetary bequests can be made across generations. We extend the existing economics literature by demonstrating that timber bequests can dominate...

This paper uses the Hartman rotation framework to examine the optimal rotation age of public harvesting, when private and public stands may be interdependent in the provision of amenity services. The interaction between private and public agents is modeled as a two-stage game, where in the first...

This paper analyzez 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.

This paper studies the impact of harvesting, property and profit taxes on private rotation age in an ongoing rotations model, where the private forest owner is interested not only in the present value of harvest revenue, but also in the amenity services provided by the forest stand.