报告题目：Land Expectation Value to Profit Maximization: Re-Examination of the Faustmann Formula
报 告 人：张耀启 教授
报告时间：2023年9月7日（周四） 上午10:00
报告地点：金沙威尼斯欢乐娱人城C301会议室
报告人简介：
Dr. Yaoqi Zhang is currently professor of natural resources and environmental economics at College of Forestry, Wildlife and Environment, Auburn University in the United States. Dr. Zhang received Ph.D. from University of Helsinki in 2001 and was a post-doc fellow and research associate in University of Toronto and University of Alberta from 2001 to 2003 before joining the Auburn University. He was awarded for Alumni Professorship by the University in 2019. He is teaching Ecological Economics, Land Economics. Currently he is serving co-editor of World Forests (Springer), associate editor of Small-Scale Forestry, and editorial board member of Society and Natural Resources, Forests, Resources etc. He has published more than 100 articles and book chapters in a variety of journals and academic book series.
报告内容简介：
By comparing the use of land expectation value (LEV), internal rate of return (IRR), labor wage expectation value (WEV), and profit in optimizing rotation age in forest management, it is argued that the four approaches are essentially similar in maximizing the residual value but different in how to share the value from production. In the long run, the residual (loss) is created by all four factors and are shared depending on relative factor markets. Profit maximization is the most general approach as the scale of land, capital, labor and time are considered. Because timberland market is becoming active, and the role of entrepreneurs and investors who pay more attention to the scale of land than the rotation issue in land management, LEV approach which treats the scale of land as fixed is no longer appropriate. This essay argues that profit maximization would be a more general and suitable approach as it can incorporate scale of land and capital (management input) and labor.
