A firm grounding in economics is integral to sound forest management, investment, policies, and practices. Forest Economics covers the basic economic concepts, principles, and constructs and shows how these are applied in private and public forestry decision making.

This comprehensive edition contains up-to-date data, examples, and applications of economic principles, along with literature and study questions, and additional valuable content in several key areas:

• forest finance and forestland investment/ownership, including financial economic models
• simple interest rate and risk measurements
• market distortion
• consumer theory
• priced non-timber values and payment for ecosystem services
• land rent theory
• the economics of forest management planning and forest health/wildfire economics
• an international comparison of forest taxes and fees
• property rights beyond the private/public ownership binary
• the measurement of competitiveness in international trade
• a new theory of foreign direct investment.

The advanced empirical presentation and keen attention to new developments in the field reflect the authors' decades of teaching experience in the United States and Canada. Forest Economics is quite simply indispensable.