Contents                                                                                                                               

1. Post-Faustmann Forest Resource Economics

Part One: Human Behaviour and Forest Resource Economics

2. Are Forest User Groups Rational Economic or Social Agents? Experimental Evidence from India

3. Complexity Theory and Forest Resource Economics                         

4. Modeling Forest Sector Structural Evolution with the Experience Weighted Attraction Learning (EWA-LITE) Algorithm                                          

5. Forest Management and Landowners' Discount Rates in the Southern United States

6. Impatience, Inconsistency, and Institutions to Counter their Effects On Sustainable Forest Management                 

Part Two: Public Choice Theory and Forest Resource Economics

7. Public Choice, Rent Seeking and the Forest Economics Policy Nexus

8. The Political Economy in Forest Policy Making: Economic Efficiency and Beyond

Part Three: Systems Approaches to Forest Resource Economics

9. Economics of Forest Ecosystem Restoration: A Systems Approach

10. Economics of Multiple Forest Values and Life Cycle Analyses

Part Four: Incrementalist Approaches to Forest Resource Economics

11. Economic Modeling in Forestry: Avoiding Lucas Critique

12. Multiple Forest Stocks and Harvesting Decisions: The Enhanced
      Green Golden Rule

13. Land Expectation Value to Profit Maximization: Re-examination of Faustmann Formula                

Index

The current paradigm of forest economics is based on Faustmann Formulation (FF) of land expectation value proposed by Martin Faustmann. It was a great achievement by a forester to propose a formulation that captures some fundamental economic features of capital theory which. However, the followers of the FF approach have trapped themselves into the past, and have not shown any indication of economic acumen of the great Faustmann. This has resulted in a common problem in the current paradigm of forest economics, known as Faustmann Forest Resource Economics (FFRE), to prescribe the application of a single (FF) approach to all situations irrespective of the specific features of the situation. The current state of forest economics is similar to that of neoclassical economics, and is full of inefficiencies. In neoclassical economics, inefficiencies are due to its "locked-in" position in rational economic man, while in forest economics inefficiencies are due to its "locked-in" position in the FF. The focus of this volume is on the new paradigm of forest economics termed as Post-Faustmann Forest Resource Economics (PFFRE). The first chapter lays the foundation of the PFFRE, and presents the key distinctions between the FFRE and the PFFRE. The volume includes twelve other chapters that address issues related to forest economics from perspectives different than the FFRE. Chapter 2 to 6 are focused on issues related to human behavior that is different than the rational economic man, Chapter 7 and 8 on public choice theory, Chapter 9 and 10 on systems approaches, and Chapter 11 to 13 on incremental approaches to incorporate new features in the FFRE.