Hotelling's Theory, Enhancement, and the Taking of the Redwood National Park
利用美国征收私有红木用于国家公园的案例，估计征收对红木价格的影响，并检验霍特林理论的预测。
Abstract The United States has used its power of eminent domain to take a considerable fraction of all remaining old‐growth redwood for inclusion in the Redwood National Park. Hotelling's theory implies that the price of redwood remaining in private hands should have increased. In this paper we provide an estimate of how much the taking increased the price of redwood as well as a test of the underlying Hotelling theory.