Nature's Numbers Expanding the National Economic Accounts to Include the Environment (1999) / Chapter Skim
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Appendix C Accounting for Forest Assets
Appendix C Accounting for Forest Assets
Pages 202-206
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From page 202... ...
the annual growth period of temperate and boreal forests that characterizes virtually the entire United States, and (2) the annual reporting period that is recommended for forest accounting.
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While the Hotelling model may be appropriate for the case of pure depreciation, it misses several important aspects of the forest sector. An alternative approach is transition models, which account in part for these problems by recognizing that forest growth offsets harvests.
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It assumes that forest owners cut their trees at the economically optimal time and that timber prices are in intertemporal market equilibrium. The three cases discussed above require assumptions of intertemporal price equilibrium, optimal management, and constant prices and costs.
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and Cot) by eight regions in the United States, ownership, and site quality; unfortunately, the data on the national forests are not as comprehensive as those on private and other public lands.
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From page 206... ...
A practical approach is to reestimate the discount rate periodically on the basis of an asset pricing model for timberland. The discount rate is then treated in the same manner as timber prices, with a separate revaluation account to reflect changes in the discount rate.
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