Gong, Peichen; Lofgren, Karl-Gustaf - In: International Review of Environmental and Resource Economics 3 (2009) 3, pp. 195-216
Timber harvest decision is one of the most important topics of forest economics. Martin Faustmann presented in 1849 the first "correct model" for determining the optimal time to harvest a forest stand. The Faustmann model builds on a set of restrictive assumptions that are far from realistic....
