IDEAS home Printed from https://ideas.repec.org/a/oup/ajagec/v83y2001i3p513-525.html
   My bibliography  Save this article

A Hotelling-Faustmann Explanation of the Structure of Christmas Tree Prices

Author

Listed:
  • Tomislav Vukina
  • Christiana E. Hilmer
  • Dean Lueck

Abstract

We examine the relationship between a tree price and a tree age (height) using a Hotelling-Faustmann type model of optimal plantation management, which accounts for the possibility of replanting and biological growth. The model predictions are tested using the data on Christmas tree prices in North Carolina collected in December 1997. The estimates show that, in general, the rates of change in prices between adjacent age cohorts reflect a competitive equilibrium in the capital market thus supporting the Hotelling-Faustmann paradigm. Copyright 2001, Oxford University Press.

Suggested Citation

  • Tomislav Vukina & Christiana E. Hilmer & Dean Lueck, 2001. "A Hotelling-Faustmann Explanation of the Structure of Christmas Tree Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 513-525.
    • Handle: RePEc:oup:ajagec:v:83:y:2001:i:3:p:513-525
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1111/0002-9092.00174
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. Laura Birg & Anna Goeddeke, 2016. "Christmas Economics—A Sleigh Ride," Economic Inquiry, Western Economic Association International, vol. 54(4), pages 1980-1984, October.
    3. Newman, D.H., 2002. "Forestry's golden rule and the development of the optimal forest rotation literature," Journal of Forest Economics, Elsevier, vol. 8(1), pages 5-27.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:ajagec:v:83:y:2001:i:3:p:513-525. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.