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dc.rights.licenseIn Copyrighten_US
dc.creatorRichendollar, Nathan
dc.date.accessioned2019-04-19T13:19:49Z
dc.date.available2019-04-19T13:19:49Z
dc.date.created2019
dc.date.issued2019
dc.identifier.urihttp://hdl.handle.net/11021/34372
dc.descriptionThesis; [FULL-TEXT FREELY AVAILABLE ONLINE]en_US
dc.descriptionNathan Richendollar is a member of the Class of 2019 of Washington and Lee University.en_US
dc.description.abstractThe optimal timber rotation problem appears in many introductory environmental economics textbooks and has been a standard illustration of the relation between market rates of return and economic decision-making for decades. Thinking of optimal timber harvests as maximizing the value of timber by harvesting when marginal benefit of additional growth no longer exceeds opportunity cost dates at least to the 1700s, when William Marshall of England applied such thinking to oak trees. In the twentieth century, Irving Fischer formalized the optimal timber harvest problem with mathematics in his book The Theory of Interest, in 1930. Since then, myriad papers have considered the problem as well, contending that various factors such as harvesting cost, replanting cost, risk premiums for insect infestation, or the opportunity cost of the land's alternate uses should be included in an optimization equation. But rarely has Fisher's assumption faced empirical scrutiny. Using data from the southern US state of Alabama furnished by that state's forestry commission and county-level analysis of several other US South states, this paper finds that short-run fluctuations in market rates of return have no effect on timber harvester's decision-making process.en_US
dc.format.extent73 pagesen_US
dc.language.isoen_USen_US
dc.rightsThis material is made available for use in research, teaching, and private study, pursuant to U.S. Copyright law. The user assumes full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used should be fully credited with the source.en_US
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en_US
dc.subject.otherWashington and Lee University -- Senior Thesis in Economicsen_US
dc.titleTimber Harvests and the Opportunity Cost of Capital: Evidence from the US Southland (thesis)en_US
dc.typeTexten_US
dc.rights.holderRichendollar, Nathan
dc.subject.fastTimberen_US
dc.subject.fastLoggingen_US
dc.subject.fastForests and forestry -- Economic aspects -- Mathematical modelsen_US


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