China implemented a new round of collective forestland tenure reform during 2003–2013. In this reform, forestland owned by villages or township collective organizations were divided into a great number of small plots and allocated to member households of the collectives. A widespread concern...

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....