Rural Land Use: Traditional Agriculture or Forestry?
用实物期权模型解释农民为何不愿将农业用地转为林业，并用爱尔兰面板数据验证，对理解欧盟林业补贴效果和碳汇政策有参考价值。
<i>The signing of the Kyoto Protocol and the official recognition of forestry’s capacity to sequester carbon has prompted considerable interest, within the European Union, in forestry as a competing land use application. However, despite large increases in grants to forestry, afforestation rates, in certain EU countries, are below national targets. In this paper, we employ a real options model to theoretically explain why farmers may be slow to switch land from traditional agriculture to forestry. The theoretical model is then used to motivate an empirical dynamic panel data model and both models are applied to Irish data.</i>