Hotelling's Theory, Enhancement, and the Taking of the Redwood National Park
Berck P, Bentley WR, Hotelling. 1997. Hotelling's Theory, Enhancement, and the Taking of the Redwood National Park. The Journal of Agricultural Economics Research. 79(2):287-298
The United States has used its power of eminent domain to take a considerablefraction of all remaining old-growth redwood for inclusion in the Redwood NationalPark. Hotelling's theory implies that the price of redwood remaining in private handsshould have increased. In this paper we provide an estimate of how much the takingincreased the price of redwood as well as a test of the underlying Hotelling theory.
- Type
- Journal Article
- Authors
- Berck, Peter; Bentley, William; Hotelling
- Units
- REDW
- Keywords
- Enhancement, Hotelling's theory, Redwood National Park, taking, valuation principle.
- Subjects
- Ecological Framework: Human Use | Cultural Landscapes | Cultural Landscapes