Haley, M. Ryan; Paarsch, Harry J. - In: Journal of Applied Econometrics 19 (2004) 1, pp. 25-48
We construct a model of rent-maximizing behaviour by a single seller of timber in the absence of a formal market, deriving the stochastic implications of rent maximization for timber prices (stumpage rates) when other input and output (lumber) prices are random. Subsequently, we examine the...