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

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  • Peter Berck
  • William R. Bentley

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.

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  • Peter Berck & William R. Bentley, 1997. "Hotelling's Theory, Enhancement, and the Taking of the Redwood National Park," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 287-298.
    • Handle: RePEc:oup:ajagec:v:79:y:1997:i:2:p:287-298
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    File URL: http://hdl.handle.net/10.2307/1244130
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    Cited by:

    1. Jennifer M. Alix-Garcia & Elizabeth N. Shapiro & Katharine R. E. Sims, 2012. "Forest Conservation and Slippage: Evidence from Mexico’s National Payments for Ecosystem Services Program," Land Economics, University of Wisconsin Press, vol. 88(4), pages 613-638.
    2. Berck, Peter & Burton, Diana & Goldman, George E & Geoghegan, Jacqueline, 1989. "Instability in Forestry and Forestry Communities," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt13f2j28c, Department of Agricultural & Resource Economics, UC Berkeley.
    3. Wu, JunJie & Zilberman, David & Babcock, Bruce A., 2001. "Environmental and Distributional Impacts of Conservation Targeting Strategies," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 333-350, May.
    4. John Livernois & Henry Thille & Xianqiang Zhang, 2006. "A test of the Hotelling rule using old‐growth timber data," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 39(1), pages 163-186, February.
    5. Berck, Peter & Burton, Diana & Goldman, George E & Geoghegan, Jacqueline, 1989. "Instability in Forestry and Forestry Communities," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt13f2j28c, Department of Agricultural & Resource Economics, UC Berkeley.
    6. Assogba, Noel Perceval & Zhang, Daowei, 2022. "The conservation reserve program and timber prices in the southern United States," Forest Policy and Economics, Elsevier, vol. 140(C).
    7. Alix-Garcia, Jennifer & Wolff, Hendrik, 2014. "Payment for Ecosystem Services from Forests," IZA Discussion Papers 8179, Institute of Labor Economics (IZA).
    8. Roel van Veldhuizen & Joep Sonnemans, 2018. "Nonrenewable Resources, Strategic Behavior and the Hotelling Rule: An Experiment," Journal of Industrial Economics, Wiley Blackwell, vol. 66(2), pages 481-516, June.

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