Modelling forest stock effects of forest investments in Finland 1960-2004
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The national forest growth process and forest policy experienced in Finland in past 50 years
are analyzed in terms of modern dynamic investment theory. Optimal forest investments and
forest stock are derived in dynamic optimization framework. The private investments are
subsidized by the government to stimulate forest growth. The optimal level of investments
and growth effects depend on harvesting rate, on marginal productivity of forest stock, and on
marginal benefits of investments. Under reasonable conditions government investment aid
induces forest growth and supports less rigid adjustment path to higher optimal level of forest
stock than without aid. Some regression results with Finnish regional data promote
considered positive investment effects on forest stock.