| Abstract: | In single‐purpose timber producing forestry, the optimal harvesting time occurs when the net revenue on the stumpage value equals the cost of renting the land (the land‐use cost) minus the change in land value. In multiple‐purpose forestry, the optimal time for harvesting occurs when the sum of the net revenues of the stumpage value and the amenity value is equal to the cost of renting the land minus the change in the land value. This land value is the sum of the land value for timber production and the land value for amenity services in the case of combined management of timber and amenity‐resources. |
