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The paper assesses the welfare effects of biotechnological progress, as exemplified by tree improvements, using a partial equilibrium model. Timber demand is assumed to be stochastic and the distributions of the coefficients of the demand function are known. Assuming that timber supply is a...

Woody biomass is the largest source of renewable energy in Europe and the expected increase in demand for wood was the stimulus for writing this paper. We discuss the economic effects of biophysical capacity limits in forest yield from a partial equilibrium perspective. Opportunities to increase...

This paper shows how utility based welfare measures in dynamic general equilibrium under imperfect markets can be transferred into a money metrics. In order to do this, we need to price forward looking components measured in units of utility. The typical comprehensive (green or inclusive)...