This title was first published in 2003. The 'Economics of Forestry' is a specialized subset of resource economics addressing a specific natural resource - the forest - which is usually a relatively long time period. Hence, forest economics has characteristics similar to nonrenewable resources but also has those of a renewable resource, in some cases approaching those of agriculture. This volume comprises some of the most significant journal essays in forest economics and forest policy.

Contents: The Harvest Rotation Issue: Calculation of the value which forest land and immature stands possess for forestry, M. Faustmann; Concerning the question of the rotation period in forestry, B. Ohlin; Financial maturity: a theoretical view, William R. Bentley and Dennis E. Teeguarden; Impacts of tax alternatives on forest values and investments, W. David Klemperer; Economics of forestry in an evolving society, Paul A Samuelson; An economic analysis of forest taxation's impact on optimal rotation age, Sun Joseph Chang; The effects of the risk of fire on the optimal rotation age of a forest, William J. Reed; Effects of the socially optimal rotation period in forestry of biotechnological improvements of the growth function, Karl Gustaf Löfgren; Timber harvesting with fluctuating prices, Robert Mendelsohn; Forest taxation and timber supply under price uncertainty: perfect capital markets, Erkki Koskela; The optimal forest rotation with evolving prices, David H. Newman, Charles B. Gilbert and William F. Hyde. Timber Supply: Planted Forests and the Optimal Draw-Down: How much land do we need for timber growing, Henry J. Vaux; Forests in the long sweep of American history, Marion Clawson; The economics of timber: a renewable resource in the long run?, Peter Berck; Mining of the forest and the time path of the price of timber, Kenneth S. Lyon; An optimal control theory model to estimate the regional long-term supply of timber, Kenneth S. Lyon and Roger A. Sedjo. Multiple-Use and Non-Timber Outputs: An economic approach to multiple use, G. Robinson Gregory; The harvesting decision when a standing forest has value, Richard Hartmann; policy-relevant nonconvexities in the production of multiple forest benefits, Stephen K. Swallow, Peter J. Parks and David N. Wear. Global Issues: Least-cost forest carbon reserves: cost-effective subsidies to convert marginal agricultural land to forests, Peter J. Parks and Ian W. Hardie; Potential and economic efficiency of carbon sequestration in forest biomass through silvicultural management, Hans Frederik Hoen and Birger Solberg; Effect of carbon taxes and subsidies on optimal forest rotation age and supply of carbon services, G. Cornelis van Kooten, Clark S. Binkley and Gregg Delcourt; Technological and economic potential of options to enhance, maintain and manage biological carbon reservoirs and geo-engineering, IPCC; Forest sector impacts from changes in forest productivity under climate change, Linda A. Joyce, John R. Mills, Linda S. Heath, A.D. McGuire, Richard W. Haynes and Richard A. Birdsey; The marginal cost of species preservation: the Northern Spotted Owl, Claire A. Montgomery, Gardner M. Brown Jr, and Darius M. Adams; Valuing biodiversity for use in pharmaceutical research, R. David Simpson, Roger A. Sedjo and John W. Reid; Name index.