Endogenous Rate of Time Preference, Traditional Communities, and Sustainable Forest Management

Shashi Kant

Journal of Social and Economic Development, 1999, vol. 2, issue 1, 70-92

Abstract: Differences between natural forests and commercial plantations, and natural capital and human-made capital suggest the rate of time preference for forest resources being an endogenous factor of a cummunity. An examination of the rate of time preference in the context of the community's attitude towards forest; the nature of forest returns and their role in community's priorities: risk attributes of forest returns; and personal factors demonstrates a lower rate of time preference among traditional communities than among industrialized communities. Forest management practices of traditional communities provide evidence of the lower rate of time preferences. The treatment of the rate of time preference as an endogenous factor will lead to: forest rotation becoming sensitive to the values of the user group; forest management in developing countries becoming somewhat independent of international forces; and traditional management systems providing inputs for designing sustainable forest management practices.

Date: 1999
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