Abstract
Figures on dollar amounts invested in non-industrial private forests are not easily available, but such information is necessary to quantify long-term timber supply elasticities. A method for finding a proxy variable for the number of dollars invested in the management of these forests, unique up to a linear transformation, is presented and tested. The method is based on ordinary forest inventories which are used to estimate actual current growth. The ratio of current growth to potential growth derived from site specific standard yield functions for a given management intensity level is shown to be a justifiable proxy for investment made in previous periods, provided certain assumptions are made. The validity of those assumptions is confirmed by empirically testing a cross-section of small forests in Norway.
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