A Hotelling‐Faustmann Explanation of the Structure of Christmas Tree Prices
用霍特林-福斯特曼模型解释圣诞树价格与树龄的关系，并用1997年北卡罗来纳州数据验证，发现相邻树龄价格变化率反映资本市场竞争均衡。
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.