Microeconomic and production economics theory with forest resources applications, financial analysis of investments, social benefit-cost analysis.
Athena Title
Advanced Forest Economics
Prerequisite
ECON 2106
Pre or Corequisite
FORS 4710/6710-4710L/6710L
Semester Course Offered
Offered fall
Grading System
A - F (Traditional)
Student learning Outcomes
By the end of this course, students will gain understanding of current forest economics research issues and methods.
By the end of this course, students will gain understanding of managerial applications of advanced economic, finance and nonmarket valuation research.
In this course, students will apply advanced economic, financial, and nonmarket valuation concepts to study forestry issues and learn how to assess current and future market conditions, manage investment risks, and develop policy implications.
Topical Outline
Optimal Forest Rotation
Optimal Forest Rotation—Inclusion of Nonmarket Valuation
Optimal Forest Rotation—Inclusion of Risk and Uncertainty
Models of Forestland Ownership
Production at the Forest Level—Timber Supply
Market Models of Timber Supply and Demand
Valuation of Nonmarket Forest Outputs and Public Policy
Revealed Preference Valuation Methods
Stated Preference Valuation Methods
Real Options and Decision-making under Uncertainty
Monte Carlo Simulations
Stochastic Discount Factors and Timberland Returns
Economics of Trade and Technology in Forest Products
Presentations (All)
Institutional Competencies Learning Outcomes
Analytical Thinking
The ability to reason, interpret, analyze, and solve problems from a wide array of authentic contexts.
Critical Thinking
The ability to pursue and comprehensively evaluate information before accepting or establishing a conclusion, decision, or action.
