Hotelling's Theory, Enhancement, and the Taking of the Redwood National Park

Peter Berck and William R. Bentley

American Journal of Agricultural Economics, 1997, vol. 79, issue 2, 287-298

Abstract: The United States has used its power of eminent domain to take a considerable fraction of all remaining old-growth redwood for inclusion in the Redwood National Park. Hotelling's theory implies that the price of redwood remaining in private hands should have increased. In this paper we provide an estimate of how much the taking increased the price of redwood as well as a test of the underlying Hotelling theory. Copyright 1997, Oxford University Press.

Date: 1997
References: Add references at CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
http://hdl.handle.net/10.2307/1244130 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:79:y:1997:i:2:p:287-298

Access Statistics for this article

American Journal of Agricultural Economics is currently edited by Madhu Khanna, Brian E. Roe, James Vercammen and JunJie Wu

More articles in American Journal of Agricultural Economics from Agricultural and Applied Economics Association Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().