Bequests, Credit Rationing and in situ Values in the Faustmann–Pressler–Ohlin Forestry Model
研究了在不完善的土地和资本市场以及所有者具有立木偏好的情况下，最优森林轮伐期如何因所有者而异，解释了传统模型遗漏的变量对木材供给的影响。
The problem of determining the optimal time to stop the “pure aging process” has a 150‐year history in forestry. The success of the rotation model lies in the fact that it is taken to be theoretically sound, empirically testable and has clear practical relevance. Nonetheless, empirical findings show that timber supply depends on variables missing from the original formulation. Previous research has addressed the problem by abandoning the pure aging description of forests. This study demonstrates that the optimal aging process becomes forest‐owner specific under imperfect land and capital markets and if the owner has in situ preferences.