Faustmann and the forestry tradition of outcome-based performance measures

Abstract

The concept of land expectation value developed by Martin Faustmann may serve as a paradigm for outcome-based performance measures in public forest management if the concept of forest equity value is broadened to include social and environmental benefits and costs, and sustainability. However, anticipation and accurate evaluation of all benefits and costs appears to present significant challenges, as revealed in the history of public forest policy in the United States. While public forest managers are unlikely to adopt performance measures based on forest equity value, an understanding of this concept may help shape the future direction of public forest management.

Citation

Ince, Peter J. 1999. Faustmann and the forestry tradition of outcome-based performance measures. Proceedings of the International Symposium : 150 Years of the Faustmann Formula: Its Consequences for Forestry and Economics in the Past, Present, and Future, October 3-6, 1999, Darmstadt, Germany. [Baton Rouge : School of Forestry, Wildlife, and Fisheries, Louisiana State University Agricultural Center, 1999]: Pages 243-269