Hotelling's theory, enhancement, and the taking of the Redwood National Park

Peter Berck and William R. Bentley

No 43662, CUDARE Working Papers from University of California, Berkeley, Department of Agricultural and Resource Economics

Abstract: We estimate a reduced form model of the redwood timber industry that is consistent with Hotelling’s exhaustible resource theory. The consequences for this theory of various assumptions about the elasticity of expectations are derived. The estimated equations are used to test the hypotheses about expectations. We also use these equations to find the amount that owners of redwood not taken for the Redwood National Park benefited from the park’s establishment.

Pages: 26
Date: 1987-11
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/43662/files/CUDARE%20456%20Berck.pdf (application/pdf)

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:ags:ucbecw:43662

DOI: 10.22004/ag.econ.43662

Access Statistics for this paper

More papers in CUDARE Working Papers from University of California, Berkeley, Department of Agricultural and Resource Economics Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().