In New South Wales there are one million acres of land bearing cypress pine and held under lease from the government. This land is suitable for the joint production of timber and livestock or for timber production alone. Alternatively, the timber can be harvested to provide capital for property...

Questionnaire surveys are an established economic research method for eliciting consumers' surplus values. However, the necessarily hypothetical nature of surveys may not promote truthful responses. In 17 empirical tests, actual money donations were elicited and compared to hypothetical...

Changing social objectives and a greater variety of policy instruments require extra detail and fuller specification in analyses of land policies. Consumer's surplus remains an appropriate measure of net social benefit but surplus values must be estimated more carefully. The paper examines the...