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FOR303H1 Lecture : Non-Timber Forest Products & Non-Market Valuation

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violettoad935
13 Jan 2011
School
UTSG
Department
Forestry
Course
FOR303H1
Professor
K A N T

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Related Questions

Discuss at least two benefits that humans derive from forests. How are these benefits affected by forest fragmentation? Do you think humans also lose an important habitat, as natural lands are lost to development? Explain.

You own forest land in California. You estimate that California’s forest practice regulations will impact you financially in the following ways:

-Cost of a forest management plan is $100 per acre, to be obtained immediately.

-Additional harvesting cost to comply with the regulations: $250 per acre.

-Value of timber left standing after harvest to comply with regulations: $700 per acre.

-You plan to conduct two timber harvests: one five and another eight years from now.

-All costs and timber prices increase at the rate of inflation and are 2012 values.

-Your opportunity cost (in real terms) is 6 % per year.

What is the present value of the additional costs of California’s forest practice regulations?

The trees in Forest F grow such that the volume of timber at time t can be represented as f(t) = 900t - 50t2 + 60t3 + 7t4. (Note that these trees do not follow a typical biological growth function). The annual real interest rate is 0.19, and each unit of timber can be sold at a price of 100 Yap pieces of stone (YPS) net of harvest costs. Assume there is no opportunity cost to using the land to grow timber. At t = 89 years from the beginning of the trees' growth, Imhotep obtained sole ownership of the forest through a surprise bequest. What is the marginal benefit Imhotep would get by waiting to cut the trees for another year?