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

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Figures in Forest Economicsprepared by Daowei ZhangTo accompany Forest Economics by Daowei Zhang and Peter H. PearsePublished by UBC Press, 2011Total value of a forestExtractive valueNon-extractive valueNon-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 valueAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. baK0Isoquants for labour and capitalFigure 2.1a: Relationship between output and inputsQuantity of capitalLQuantity of labourAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Quantity of labour0Response of total output to changes in labour input when capital and other factors are held constantTotal product QLFigure 2.1b: Relationship between output and labourAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011.  MPPL0Diminishing marginal product of labourQuantity of labourLFigure 2.1c: Relationship between output and labour: Law of diminishing marginal productsAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. LQuantity of capitalTotal product QQuantity of labour0Response of total output to changes in labour input when capital and other factors are held constantMPPL0Diminishing marginal product of labourbaK0Isoquants for labour and capitalFigure 2.1: Relationship between output and inputsAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 2.2: Isocost curve for capital and labour0LQuantity of capitalKBAQuantity of labour Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 2.3: Expansion path of efficient input combinationsaABExpansion path0LQuantity of capitalK bQuantity of labourAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 3.1: Decision tree for a pest control projectP = 0.8C = $119,244P = 0.24    sprayno infestationno sprayinfestationno infestationinfestationspray succeedsspray failsP = 0.2P = 0.8P = 0.3P = 0.7P = 0.2C = $35,000P = 0.2C = $35,000P = 0.56C = $0P = 0.2C = $84,244P = 0.8 Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011.  Real priceNominal priceReal interest rate√×(inflates the returns of     forest projects)Nominal interest rate×(biased against forest projects)√Figure 3.2: Correct and incorrect match of interest rate and timber price in forest investment analysis√ = correct match, × = incorrect match.Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 3.3: Value of a pre-merchantable loblolly pine timber stand: Difference between discounting at age 30, when the stand is ready for a final harvest (valued at B), and at age 15, when the stand just becomes merchantable (valued at A)Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.1: Market supply, demand, and net value of a forest productepPrice ($)Producer surplusConsumer surplusDemandSupply0qAnnual quantity (cubic metres)Factor costsd s  Adapted from Forest Economics 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 supplyE1S1S2Q2P1E2P20Price ($)  Q1   B C D A  QuantityAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. +Logging andtransportation costs+ManufacturingcostsFigure 4.3: Linkage among stumpage, log, and forest products markets                                                                                                                                                                              Standing timberDelivered logsForest ProductsAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.4: Prices for softwood lumber, sawlogs, and sawtimber stumpage in the southern United States: 1955-2001 (MBF = thousand board feet)Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.5: Derived demand for pulpwood in newsprint productionQuantity of pulpwoodABC0Demand for pulpwood0Quantity of newsprintDemand for newsprintSupply of all factors other than pulpwood in newsprint productionPrice ($)Price ($)Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.6: Timber demand and supply for timber in short and long-runpEquilibrium priceDemandVery long-run supplyLong-run supplyShort-run supply0Price ($)Quantity of timber demanded and supplied per period	qAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.7: Long-run supply response when demand shifts upwardabc Q2001 $ per unitQ2005 Q2000 D2000 S2000 (S2001)S2005 S2000-05 D2001-05 P2001 P2005 P2000  Quantity  QPAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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–0Net value($ percubic metre)Economically recoverable inventoryMost valuable standsTotal inventoryExtensive margin Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 4.9: Long-run timber supply projection501001502000Supply of timber per year (cubic metres)Years from the present Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.1: Market demand and consumer surplusssPrice ($)dTotal paymentppConsumer surplus0qd Quantity demandedAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.2: Equilibrium level of recreation consumption at two levels of fixed costVX TMRXRMQM  QXVMTXYIncome ($)Z0IIIRecreation days Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.3: Zones of travel origin to a recreational siteZone 4Zone 3Zone 2Zone 1 Recreational  site Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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 costsBNumber of visitsDemand curve0        10,000     20,000   30,00040353025201510  5  A0        5       10     15     20     25Participation rate (%)Relationship between travel cost and participation rate5040302010Zone 1Zone 2Zone 330,000Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 5.5: Effect of crowding on demand for a recreational opportunity0Price ($)Quantity demandedUncrowdedCrowded Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 6.1: Efficient application of labour to a forest siteQuantity of labour (person-days)qWage0Marginal revenue product of labour ($)p 0Value of the forest crop  ($ per hectare)Quantity of labour (person-days)Payment to labourLand rentEfficient quantity of labour Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 6.2: Relationship between price of timber and productive timberlandeDemandSupplymqProductive timberland (hectares)Rent0Price ($)pAnnual harvest (cubic metres)1Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 6.3: Efficient allocation of land among different usese d cForestryFarmingResidentialCommercial0aLand rent ($)Distance from urban centre (kilometres) b Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Complementary usesT R Competing usesA Cubic metres of timber per yearRecreation days per year0 T R Mutually exclusive usesB 0 T R Highly conflicting usesC 0 T R Constantly substitutable usesD 0 T R Independent usesE 0 T R 0 F Figure 6.4: Types of production possibilities for two products on a tract of landAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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 ageAge (years)Optimal harvest age for a single cropiS/S(t)Rate of growth S/S(t) in stumpage value (% per year)t*Value or volume of timberAverage and incremental growth in value ($ per hectare per year)ValueVolumeAverage growth Incremental growth S(t)/tSAge (years)Age (years)S(t)Q(t)Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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*itFFigure 7.2: Optimal economic rotation for continuous forest cropsAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 7.3: Incremental growth in value and costs with stand ageAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 7.4: Relationship between stand age and various amenity values0N(t)IVIIIIIItStand ageAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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, 1953-2007Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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, 1997Stand Age (years) Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 9.1: Forest area in the United States by region, 1630-2002Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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 Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 9.3: The Erie Canal Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Cost or expected revenue per unit  of effort ($/E)Marginal revenue productwE*(P0)E*(P) Figure 9.4: Optimal reforestation effort, E*, changes when stumpage price increasesAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 9.5: Private tree planting in the US South by ownership, 1928-2003Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. QMarginal benefits associated with pulp output0Marginal benefits and costs ($)Output per unit of timeCBAMCMBEMarginal costs imposed on fishermen Figure 10.1: The Coase TheoremAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 10.2: Degrees of exclusiveness of forest tenureRestricted usersStinted usersExclusive usersReserves for special usersHarvesting permitsMultiple quota rightsLicencesLeasesUncontrolled accessUnlimited usersNo propertyComplete propertyFreeholdTransferabilityBenefits conferredDurationExclusiveness Comprehensiveness  SecurityComplete property rightsNo property rightsIncomplete property rightsFigure 10.3: Combinations of attributes in forest propertyAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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 harvestedgt0g Harvesting cost Gross value Value net of taxMarginal log without taxMarginal log with taxCost, value per cubic metreTax			Quality of logHighLow Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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 students understand the relevant discussion on yield taxes. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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 harvestedgt0g Harvesting cost Gross value Value net of taxMarginal log without taxMarginal log with taxCost, value per cubic metreTax			Quality of logHighLow Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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 harvested0gt=g Harvesting cost Gross value Value net of taxMarginal log without taxMarginal log with taxCost, value per cubic metreTax			Quality of logHighLow Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. GS1S2  Q2PpP1  E2E1Pc0Price ($)Quantity   Q1D1FD2Figure 11.2: The relative burden of tax Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 12.1: Global export volume of different forest products, 1970-2006Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Price XDUVXSWLMKQuantityCountry BCountry ADA SA DBSB  TPBPfPA0QBQAQfFigure 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 Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics 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$, 1983-2008Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Figure 12.4: Canadian outward and inward foreign direct investment in forest industry in 2000 constant CND$, 1983-2008Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011.  Environmental degradationEnvironmental improvementTurning point incomePer capita incomeEnvironmentaldegradationFigure 13.1: The Environmental Kuznets CurveAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. AgentsSlash and burn farmersAgribusinessCattle ranchersMinersOil corporationsLoggersNon-timber commercial corporations  Market failuresUnpriced forest goods and servicesMonopolies and monopolistic forcesMistaken policy interventionsWrong incentivesRegulatory mechanismsGovernment investmentGovernment weaknessConcentration of ownershipWeak property rights arrangementsIllegal activities and corruptionBroader socioeconomic & political causesPopulation growth and densityEconomic growthDistribution of economic and political power“Excessive” consumptionGlobal warmingWar and political instabilityResulting from human activityAgricultural expansionCattle ranchingLoggingMining and oil extractionConstruction of damsRoadsNatural causesHurricanesFiresPestsFloodsDirect causesUnderlying causesFigure 13.2: Direct and underlying causes of tropical deforestationAdapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011. Adapted from Forest Economics by Daowei Zhang and Peter H. Pearse, published by UBC Press, 2011.  *********************Changing this insert causes it to loose formatting. “Inventory (the secondary y-axis)” is, “Inventory (the right-hand axis)” in the book.  IN title, from timberland “in the US, 1953-2007.  Sources: Smith et al. 2009 and various similar reports.” ************ Figures in Forest E conomics prepared by D aowei Zhang  To accompany Forest E conomics by D aowei Zhang and P eter H. P earse P ublished by UB C P ress, 2011  Figure 1.1: A forest's economic value Total value of a forest  Extractive value  Timber value (e.g., industrial timber, fuel wood)  Non-timber value (e.g., fruits, nuts, mushrooms, livestock fodder, game)  Non-extractive value  Ecosystem (environmental) service value (e.g., soil and water protection, biodiversity, climate mitigation)  Preservation value (e.g., existence value, option value, bequest value)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 2.1a: Relationship between output and inputs  a Quantity of capital  Isoquants for labour and capital  K b 0 L Quantity of labour  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 2.1b: Relationship between output and labour  Response of total output to changes in labour input when capital and other factors are held constant  Total product Q  0  L Quantity of labour  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 2.1c: Relationship between output and labour: Law of diminishing marginal products  Diminishing marginal product of labour MPPL  0  L  Quantity of labour  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 2.1: Relationship between output and inputs a Quantity of capital  Isoquants for labour and capital  K b 0  Response of total output to changes in labour input when capital and other factors are held constant  Total product Q  0  Diminishing marginal product of labour MPPL 0  L  Quantity of labour  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 2.2: Isocost curve for capital and labour  A Quantity of capital  K  0  L  B  Quantity of labour  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 2.3: Expansion path of efficient input combinations  A a  Quantity of capital  Expansion path  K b 0  L B Quantity of labour  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 3.1: Decision tree for a pest control project  ion  C = $35,000 P = 0.2  t no esta .2 inf = 0 P infestation    ay r p s    no  sp  ra  y  P = 0.8     C = $119,244 s l i P = 0.24 fa y a 3 r sp = 0. P spray succeeds C = $35,000 P = 0.56 P = 0.7     no infestation C = $0 in fe P = 0.2 P = 0.2 sta P t = 0.8 ion C = $84,244 P = 0.8  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 3.2: Correct and incorrect match of interest rate and timber price in forest investment analysis  Real price Real interest rate Nominal interest rate  √ × (biased against forest projects)  Nominal price × (inflates the returns of forest projects) √  √ = correct match, × = incorrect match.  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 3.3: Value of a pre-merchantable loblolly pine timber stand: Difference between discounting at age 30, when the stand is ready for a final harvest (valued at B), and at age 15, when the stand just becomes merchantable (valued at A)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 4.1: Market supply, demand, and net value of a forest product  d Supply rice ($)  Consumer surplus  e  Producer surplus s 0  Factor costs  Demand  q Annual quantity (cubic metres)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P earse, published by UB C P ress , 2011.  Figure 4.2: Relative elasticity and welfare change resulted from an increase in supply S1 E1 1  2  A  S2  C E2  B  Price ($)  D 0  Q1  Q2  Quantity  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 4.3: Linkage among stumpage, log, and forest products markets  + Logging and transportation costs  Standing timber  + Manufacturing costs  Delivered logs  Forest Products  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 4.4: Prices for softwood lumber, sawlogs, and sawtimber stumpage in the southern United States: 1955-2001 (MBF = thousand board feet)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 4.5: Derived demand for pulpwood in newsprint production  B  Supply of all factors other than pulpwood in newsprint production  Price ($)  Demand for newsprint  A 0 C  Quantity of newsprint Demand for pulpwood  Price ($)  0  Quantity of pulpwood  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 4.6: Timber demand and supply for timber in short and long-run  Short-run supply rice ($)  Long-run supply Very long-run supply Equilibrium price  Demand 0 Quantity of timber demanded and supplied per period  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 4.7: Long-run supply response when demand shifts upward S2000 (S2001)  P  S2005 P2001 $ per unit  P2005 P2000  S2000-05  b c a  D2001-05 D2000 Q2000  Q2001 Q2005  Q  Quantity Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 4.8: Relationship between net value of timber and economically recoverable inventory Total inventory Economically recoverable inventory Most valuable stands et value $ per ubic metre) +  0  Extensive margin  Quantity of timber (cubic metres) Least valuable stands  –  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 4.9: Long-run timber supply projection  Supply of timber per year (cubic metres)  0  50  100 150 Years from the present  200  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 5.1: Market demand and consumer surplus  d rice ($) s′ Consumer surplus  p′ s  Total payment d′ 0  q Quantity demanded  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 5.2: Equilibrium level of recreation consumption at two levels of fixed cost Z  Y TX Income ($) VX TM  I  VM  0  II QM QX  RM  RX  Recreation days  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 5.3: Zones of travel origin to a recreational site  Recreational site Zone 1 Zone 2 Zone 3 Zone 4  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 5.4: Derivation of the demand curve for a recreational site from travel costs B  A 50 40 30 20  35 30  Zone 2  25 20 15  Zone 3  Demand curve  10  10 one 1 0  40  Relationship between travel cost and participation rate  5 10 15 20 25 Participation rate (%)  5 0 10,000 20,000 30,000 30,000 Number of visits  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 5.5: Effect of crowding on demand for a recreational opportunity  Uncrowded Price ($)  Crowded  0 Quantity demanded  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 6.1: Efficient application of labour to a forest site  Value of the forest crop ($ per hectare) 0 Marginal revenue product of labour ($)  Quantity of labour (person-days) Efficient quantity of labour  p  Land rent  Wage  Payment to labour 0  q  Quantity of labour (person-days)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 6.2: Relationship between price of timber and productive timberland Price ($)  Supply p  0  1  e Rent Demand q  Annual harvest (cubic metres) m  Productive timberland (hectares)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 6.3: Efficient allocation of land among different uses  a Commercial b Residential c Farming d Forestry 0  e Distance from urban centre (kilometres)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 6.4: Types of production possibilities for two products on a tract of land  A Competing uses  Cubic metres of T timber per year 0  T  R Recreation days per year  B  T  C  Mutually exclusive uses 0  T  0  Highly conflicting uses 0  R D Constantly substitutable uses R  R  E  F  T Independent uses 0  R  T Complementary uses 0  R  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 7.1: Growth in volume and stumpage value of a forest as it increases in age Value or volume of timber  Value  S(t)  Volume  Q(t)  Age (years) Average and incremental growth in value ($ per hectare per year)  Rate of growth ∆S/S(t) in stumpage value (% per year)  Incremental growth Average growth  S(t)/t ∆S Age (years)  Optimal harvest age for a single crop  t*  i ∆S/S(t) Age (years)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 7.2: Optimal economic rotation for continuous forest crops  Annual costs and returns ($)  Incremental growth in value ∆S/S(t)  i  tF  t*  Rotation age (years)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 7.3: Incremental growth in value and costs with stand age  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 7.4: Relationship between stand age and various amenity values  IV  (t)  III  II I 0  Stand age  t  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 8.1: Per-acre annual growth, removal, and inventory on private timberland in the US, 1953-2007  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 8.2: Age-class distribution of inventory in private timberland in western Oregon, 1997  1,200 1,000 800 Thousands of acres 600 400 200 0 0-9  10-29 20-29 30-39 40-49 50-59 60-69 70-79 >79 Stand Age (years)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 9.1: Forest area in the United States by region, 1630-2002  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 9.2: Real price indices for lumber and stumpage, in terms of 1992 prices (1992 = 100)  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 9.3: The Erie Canal  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 9.4: Optimal reforestation effort, E*, changes when stumpage price increases Marginal revenue product Cost or expected revenue per unit of effort ($/E)  w  E*(P0)  E*(P′)    Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 9.5: Private tree planting in the US South by ownership, 1928-2003  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 10.1: The Coase Theorem  A Marginal benefits and costs ($)  0  Marginal costs imposed on fishermen MC B E  MB  Marginal benefits associated with pulp output  C  Q Output per unit of time  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 10.2: Degrees of exclusiveness of forest tenure  Multiple quota rights Stinted Reserves for users special users Restricted users Uncontrolled Unlimited No access users property  Harvesting permits Licences Exclusive users  Complete property  Leases  Freehold  Figure 10.3: Combinations of attributes in forest property  Transferability Benefits conferred Duration Exclusiveness Comprehensiveness Security No property rights  Incomplete property rights  Complete property rights  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 11.1: Effect of a royalty or severance tax on the range of log quality that can be profitably harvested  Cost, value per cubic metre  Tax  Marginal log with tax Marginal log without tax Harvesting cost Gross value Value net of tax  0  gt High  g  Quality of log  Low  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Althoug h the next two g raphs (Fig ures 11.1a and 11.2b) do not appear in Forestry Economics, the material in thes e g raphs are dis cus s ed on pag e 315 of the book. They are pres ented here to facilitate teaching and help s tudents unders tand the relevant dis cus s ion on yield taxes .  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 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  Cost, value per cubic metre  Tax  Marginal log with tax Marginal log without tax Harvesting cost Gross value Value net of tax  0  gt High  g  Quality of log  Low  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 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  Marginal log with tax  Cost, value per cubic metre  Marginal log without tax  Tax Value net of tax  0  Harvesting cost Gross value  gt=g High  Quality of log  Low  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 11.2: The relative burden of tax  S2 S1 Pc P1 Pp  0  G  Price ($)  E2 E1 F D2 D1 Q2 Q1 Quantity  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 12.1: Global export volume of different forest products, 1970-2006  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  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 Price Country B  Country A  L  PB K  M DB  Pf SB  T  XS  V  W XD  PA  U  SA QB  0 Quantity  Qf  DA QA  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 12.3: US outward and inward foreign direct investment in forest industry in constant 2000 US$, 1983-2008  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 12.4: Canadian outward and inward foreign direct investment in forest industry in 2000 constant CND$, 1983-2008  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 13.1: The Environmental Kuznets Curve  Turning point income  Environmental  t en  on En  em ov  pr  vi ro nm  m  en  li  ta l  ta     en  de  gr  nm  ro  a ti  vi  ad  En  degradation  Per capita income  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  Figure 13.2: Direct and underlying causes of tropical deforestation Direct causes Natural causes Hurricanes Fires Pests Floods  Resulting from human activity Agricultural expansion Cattle ranching Logging Mining and oil extraction Construction of dams Roads  Agents Slash and burn farmers Agribusiness Cattle ranchers Miners Oil corporations Loggers Non-timber commercial corporations  Underlying causes 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  Adapted from Forest E conomics by D aowei Zhang and P eter H. P ears e, published by UB C P ress, 2011.  

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