Forest Resource Economics and Finance
Editorial Reviews
Book Description
This book is aimed at undergraduate forestry students who have taken at least one semester of introductory micro-economics, although basics are reviewed. Practicing foresters and resource analysts should also find the book a useful reference. Beginning graduate students and advanced undergraduates will find many of the technical footnotes and appendixes of interest. Throughout, emphasis is on economics as a way of thinking in which we compare added costs and benefits of actions in order to maximize net benefits. A general review of microeconomics in Chapter 2 leads to the theory of welfare maximization in a free market and how "market failures" keep us from this maximum. The analysis gives forestry examples and shows what policy actions might make us better off or worse off than under a completely free market.
With the basics in capital theory, students will learn how to evaluate forestry investments in a way which embraces important environmental factors. Separate chapters show how to include inflation and taxes in these analyses. Financial appraisal of forest management actions includes even-aged stands and uneven-aged forests without clearcutting.
One chapter shows how risk can be incorporated into forest investment analysis, and another gives students background in appraising market values of forest properties. Following a review of the timber industry and timber supply and demand concepts, students will learn how to estimate monetary values of nonmarket outputs and include them in multiple-use forest management decisions. Final chapters cover regional economic analysis and forestry in a global context.
Throughout the book are abundant numerical examples of calculations, graphic explanation of concepts, and problems for students to solve. Strong features of this book are the informal and lucid writing style, many examples of how to apply economic principles in understanding and solving practical forestry problems, and emphasis on how to include nonmonetary values into economic thinking and financial calculations in forestry.
Another key feature is an accent on analyzing current conflicts and tradeoffs which will be prominent forestry issues in the 21st century: laissez faire free market policies versus different types of government intervention, economic development versus environmental conservation, private property rights versus public amenity rights, and timber versus nontimber outputs.
From the Publisher
Forest Resource Economics and Finance can be ordered from:
Tech Bookstore
118 South Main St.
Blacksburg, VA 24060, USA
Phone: 800-967-0608
Fax: 540-552-2175
Forest Resource Economics and Finance
Forest Resource Economics and Finance,W. David Klemperer,W.D. Klemperer,0974021105,Agriculture - Forestry,Business / Economics / Finance,Economics - General
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