A bioeconomic approach to the faustmann–hartman model: Ecological interactions in managed forest

Julia Touza, Mette Termansen, Charles Perrings

Research output: Contribution to journalArticle

7 Scopus citations

Abstract

This paper develops a bioeconomic forestry model that makes it possible to take ecosystem services that are independent of the age structure of trees into account. We derive the Faustmann–Hartman optimal harvesting strategy as a special case. The bioeconomic model is then extended to account for the fact that forest harvesting decisions impact on other ecological resources, which provide benefits for the wider community. The paper focuses on impacts associated with disturbance caused by logging operations and habitat destruction due to tree removal. This enables us to explore the interactions between forest management and the dynamics of ecological resources. The optimal rotation rule is obtained as a variation on the traditional Faustmann–Hartman equation, where an additional term captures the potential benefits derived from the growth of the ecological resource valued at its shadow price. The steady-state solutions to the problem and sensitivity to model parameter are identified using numerical analysis.

Original languageEnglish (US)
Pages (from-to)551-581
Number of pages31
JournalNatural Resource Modeling
Volume21
Issue number4
DOIs
StatePublished - Jan 1 2008

Keywords

  • Bioeconomic model
  • Disturbance effect
  • Faustmann–Hartman
  • Habitat effect
  • Nontimber benefits

ASJC Scopus subject areas

  • Modeling and Simulation
  • Environmental Science (miscellaneous)

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