Raymond K. Omwami
A theory of stumpage appraisal.
Omwami R. K. (1986). A theory of stumpage appraisal. Silva Fennica vol. 20 no. 3 article id 5273. https://doi.org/10.14214/sf.a15452
Abstract
This paper is a theoretical study of what is considered to constitute the proper perception of time in forest economics and management. A stumpage appraisal model that recognizes the influence of time is developed within the framework of a national aggregate economy. To demonstrate how a socially optimal land for timber production may be determined in a given nation, a stock-supply model is derived. The stumpage appraisal rule of development determines the market stumpage price that maintains a state of balance between timber production and other land use activities.
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Keywords
silviculture;
growing stock;
stumpage prices;
forest economy;
stumpage longevity;
bilateral monopoly;
rational expectations
Published in 1986
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