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

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  • Berck, Peter
  • Bentley, William R.

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.

Suggested Citation

  • Berck, Peter & Bentley, William R., 1987. "Hotelling's Theory, Enhancement, and the Taking of the Redwood National Park," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt4p805216, Department of Agricultural & Resource Economics, UC Berkeley.
    • Handle: RePEc:cdl:agrebk:qt4p805216
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    References listed on IDEAS

    as
    1. Peter Berck, 1979. "The Economics of Timber: A Renewable Resource in the Long Run," Bell Journal of Economics, The RAND Corporation, vol. 10(2), pages 447-462, Autumn.
    2. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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