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- Title
Optimum Forest Rotation in an Imperfect Stumpage Market: Comment.
- Authors
McConnell, Kenneth; Phipps, Tim
- Abstract
In a recent paper, Nautiyal and Fowler (1980) examined the consequences of imperfect competition in a stumpage market. Two main conclusions were drawn: first, application of the Faustman formula to an imperfect market will result in a rotation that is longer than the socially optimal rotation; and second, a monopolistic forest owner will adopt a rotation that is shorter than the social optimum. While we agree with the first conclusion (see also a comment by Anderson (1980) and reply by Nautiyal (1981)), their second does not hold in all cases. Moreover, some of the situations in which their finding does not hold are quite plausible for a stumpage market.
- Subjects
FOREST management; STUMPWOOD; MONOPOLISTIC competition; IMPERFECT competition; NATURAL resources; FORESTS &; forestry; TREE crops; FOREST products; FOREST products industry
- Publication
Land Economics, 1984, Vol 60, Issue 2, p215
- ISSN
0023-7639
- Publication type
Article
- DOI
10.2307/3145976