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Figures accompanying "Forest Economics", UBC Press, 2011 2011

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Figures in Forest Economics prepared by Daowei Zhang To accompany Forest Economics by Daowei Zhang and Peter H. Pearse Published by UBC Press, 2011 Total value of a forest Extractive value Non-extractive value Non-timber value (e.g., fruits, nuts, mushrooms, livestock fodder, game) Ecosystem (environmental) service value (e.g., soil and water protection, biodiversity, climate mitigation) Timber value (e.g., industrial timber, fuel wood) Preservation value (e.g., existence value, option value, bequest value) Figure 1.1: A forest's economic value Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. ba K 0 Isoquants for labour and capital Figure 2.1a: Relationship between output and inputs Quantity of capital L Quantity of labour Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Quantity of labour 0 Response of total output to changes in labour input when capital and other factors are held constantTotal product Q L Figure 2.1b: Relationship between output and labour Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011.  MPPL 0 Diminishing marginal product of labour Quantity of labour L Figure 2.1c: Relationship between output and labour: Law of diminishing marginal products Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. LQuantity of capital Total product Q Quantity of labour 0 Response of total output to changes in labour input when capital and other factors are held constant MPPL 0 Diminishing marginal product of labour b a K 0 Isoquants for labour and capital Figure 2.1: Relationship between output and inputs Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 2.2: Isocost curve for capital and labour 0 L Quantity of capital K B A Quantity of labour Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 2.3: Expansion path of efficient input combinations a A B Expansion path 0 L Quantity of capital K  b Quantity of labour Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 3.1: Decision tree for a pest control project P = 0.8 C = $119,244 P = 0.24         spr ay no inf est atio n no spray infestation no infestation infestation spray succeeds spr ay fail s P =  0.2 P = 0.8 P =  0.3 P = 0.7 P = 0.2 C = $35,000 P = 0.2 C = $35,000 P = 0.56 C = $0 P = 0.2 C = $84,244 P = 0.8 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011.  Real price Nominal price Real interest rate √ × (inflates the returns of forest projects) Nominal interest rate × (biased against forest projects) √ Figure 3.2: Correct and incorrect match of interest rate and timber price in forest investment analysis √ = correct match, × = incorrect match. Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 3.3: Value of a pre-merchantable loblolly pine timber stand: Difference between discounting at age 30, when the stand is ready for a final harvest (valued at B), and at age 15, when the stand just becomes merchantable (valued at A) Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.1: Market supply, demand, and net value of a forest product e rice ($) Producer surplus Consumer surplus Demand Supply 0 q Annual quantity (cubic metres) Factor costs d  s  Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.2: Relative elasticity and welfare change resulted from an increase in supply E1 S1 S2 Q2 1 E2 2 0 Price ($)   Q1 B  C  D  A  Quantity Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. + Logging and transportation costs + Manufacturing costs Figure 4.3: Linkage among stumpage, log, and forest products markets     Standing timber Delivered logs Forest Products Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.4: Prices for softwood lumber, sawlogs, and sawtimber stumpage in the southern United States: 1955-2001 (MBF = thousand board feet) Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.5: Derived demand for pulpwood in newsprint production Quantity of pulpwood A B C 0 Demand for pulpwood 0 Quantity of newsprint Demand for newsprint Supply of all factors other than pulpwood in newsprint productionPrice ($) Price ($) Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.6: Timber demand and supply for timber in short and long-run Equilibrium price Demand Very long-run supply Long-run supply Short-run supply 0 rice ($) Quantity of timber demanded and supplied per period Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.7: Long-run supply response when demand shifts upward a b c  Q2001  $ per unit Q2005  Q2000  D2000  S2000 (S2001) S2005  S2000-05  D2001-05  P2001  P2005  P2000   Quantity Q P Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.8: Relationship between net value of timber and economically recoverable inventory + Quantity of timber (cubic metres) Least valuable stands – 0 et value $ per ubic metre) Economically recoverable inventory Most valuable stands Total inventory Extensive margin Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.9: Long-run timber supply projection 50 100 150 2000 Supply of timber per year (cubic metres) Years from the present Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.1: Market demand and consumer surplus s′ s rice ($) d′ Total payment p′ Consumer surplus 0 q d Quantity demanded Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.2: Equilibrium level of recreation consumption at two levels of fixed cost VX TM RXRM QM  QX VM TX Y Income ($) Z 0 II I Recreation days Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.3: Zones of travel origin to a recreational site Zone 4 Zone 3 Zone 2 Zone 1 Recreational  site Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.4: Derivation of the demand curve for a recreational site from travel costs B Number of visits Demand curve 0        10,000     20,000   30,000 40 35 30 25 20 15 10   5  A 0        5       10     15     20     25 Participation rate (%) Relationship between travel cost and participation rate 50 40 30 20 10 one 1 Zone 2 Zone 3 30,000 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.5: Effect of crowding on demand for a recreational opportunity 0 Price ($) Quantity demanded Uncrowded Crowded Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 6.1: Efficient application of labour to a forest site Quantity of labour (person-days) q Wage 0 Marginal revenue product of labour ($) p  0 Value of the forest crop ($ per hectare) Quantity of labour (person-days) Payment to labour Land rent Efficient quantity of labour Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 6.2: Relationship between price of timber and productive timberland e Demand Supply m q Productive timberland (hectares) Rent 0 Price ($) p Annual harvest (cubic metres) 1 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 6.3: Efficient allocation of land among different uses e  d  c Forestry Farming Residential Commercial 0 a Distance from urban centre (kilometres)  b Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Complementary uses T  R  Competing uses A  Cubic metres of timber per year Recreation days per year 0  T  R  Mutually exclusive uses B  0  T  R  Highly conflicting uses C  0  T  R  Constantly substitutable uses D  0  T  R  Independent uses E  0  T  R  0  F  Figure 6.4: Types of production possibilities for two products on a tract of land Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 7.1: Growth in volume and stumpage value of a forest as it increases in age Age (years) Optimal harvest age for a single crop i ∆S/S(t) Rate of growth ∆S/S(t) in stumpage value (% per year) t* Value or volume of timber Average and incremental growth in value ($ per hectare per year) Value Volume Average growth Incremental growth S(t)/t ∆S Age (years) Age (years) S(t) Q(t) Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Rotation age (years) Incremental growth in value ∆S/S(t)Annual costs and returns ($) t* i tF Figure 7.2: Optimal economic rotation for continuous forest crops Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 7.3: Incremental growth in value and costs with stand age Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 7.4: Relationship between stand age and various amenity values 0 (t) IV III I II tStand age Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 8.1: Per-acre annual growth, removal, and inventory on private timberland in the US, 1953-2007 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 8.2: Age-class distribution of inventory in private timberland in western Oregon, 1997 0 200 400 600 800 1,000 1,200 0-9 10-29 20-29 30-39 40-49 50-59 60-69 70-79 >79 Thousands of acres Stand Age (years) Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 9.1: Forest area in the United States by region, 1630-2002 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 9.2: Real price indices for lumber and stumpage, in terms of 1992 prices (1992 = 100) Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 9.3: The Erie Canal Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Cost or expected revenue per unit  of effort ($/E) Marginal revenue product w E*(P0) E*(P′)   Figure 9.4: Optimal reforestation effort, E*, changes when stumpage price increases Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 9.5: Private tree planting in the US South by ownership, 1928-2003 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. QMarginal benefits associated with pulp output 0 Marginal benefits and costs ($) Output per unit of time C B A MC MB E Marginal costs imposed on fishermen Figure 10.1: The Coase Theorem Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 10.2: Degrees of exclusiveness of forest tenure Restricted users Stinted users Exclusive users Reserves for special users Harvesting permits Multiple quota rights Licences Leases Uncontrolled access Unlimited users No property Complete property Freehold Transferability Benefits conferred Duration Exclusiveness Comprehensiveness Security Complete property rights No property rights Incomplete property rights Figure 10.3: Combinations of attributes in forest property Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 11.1: Effect of a royalty or severance tax on the range of log quality that can be profitably harvested gt 0 g  Harvesting cost  Gross value  Value net of tax Marginal log without tax Marginal log with tax Cost, value per cubic metre Tax Quality of logHigh Low Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Although the next two graphs  (Figures  11.1a and 11.2b) do not appear in Forestry Economics, the material in these graphs  are discussed on page 315 of the book. They are presented here to facilitate teaching and help s tudents  understand the relevant discuss ion on yield taxes. Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 11.1a: Effect of a yield tax that applies to the gross value  of logs on the range of log quality that can be profitably harvested gt 0 g  Harvesting cost  Gross value  Value net of tax Marginal log without tax Marginal log with tax Cost, value per cubic metre Tax Quality of logHigh Low Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 11.1b: Effect of a yield tax that applies to the net value  of logs on the range of log quality that can be profitably harvested 0 gt=g  Harvesting cost  Gross value  Value net of tax Marginal log without tax Marginal log with taxCost, value per cubic metre Tax Quality of logHigh Low Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. GS1 S2   Q2 Pp P1   E2 E1 Pc 0 Price ($) Quantity    Q1 D1 F D2 Figure 11.2: The relative burden of tax Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 12.1: Global export volume of different forest products, 1970-2006 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Price  XD U V XS W L M K Quantity Country B Country A DA  SA  DB SB   T PB Pf PA 0QB QAQf Figure 12.2: Determination of price and quantity of plywood to be imported and exported when trade is free, transportation costs are negligible, and all else remains constant Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 12.3: US outward and inward foreign direct investment in forest industry in constant 2000 US$, 1983-2008 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 12.4: Canadian outward and inward foreign direct investment in forest industry in 2000 constant CND$, 1983-2008 Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011.  En vir on me nta l d eg rad ati on Environmental improvement Turning point income Per capita income Environmental degradation Figure 13.1: The Environmental Kuznets Curve Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Agents Slash and burn farmers Agribusiness Cattle ranchers Miners Oil corporations Loggers Non-timber commercial corporations   Market failures Unpriced forest goods and services Monopolies and monopolistic forces Mistaken policy interventions Wrong incentives Regulatory mechanisms Government investment Government weakness Concentration of ownership Weak property rights arrangements Illegal activities and corruption Broader socioeconomic & political causes Population growth and density Economic growth Distribution of economic and political power “Excessive” consumption Global warming War and political instability Resulting from human activity Agricultural expansion Cattle ranching Logging Mining and oil extraction Construction of dams Roads Natural causes Hurricanes Fires Pests Floods Direct causes Underlying causes Figure 13.2: Direct and underlying causes of tropical deforestation Adapted from Forest E conomics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011.

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