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- Title
On the Value of the Condition of a Forest Stock: Comment.
- Authors
Parsons, George R.
- Abstract
The article comments on the value of the condition of the forest stock given by Thomas D. Crocker. The author begins his argument by developing the salient properties of Crocker's model. The author deciphers that the marginal value of quality decreases as the price of the visit increases. At a higher price for a visit, the individual makes fewer visits. The less visits an individual makes the less frequently free quality is experienced and hence the lower the marginal value of quality. Annual income should also be dropped as a proxy for full income in the recreation budget. Unless the proportion of annual income devoted to the recreation budget is near constant across households, an unlikely circumstance, it may have little relationship to the recreation budget. The sum of substitute site expenditures and expenditures on the forest site is a better proxy. The author further says that Crocker may be using a consumer surplus measure for a single visit instead of willingness-to-pay for air pollution removal as the dependent variable in his regression. If so, this is a serious mis-specification of the theoretical model in his equation.
- Subjects
FOREST management; FOREST economics; BUDGET surpluses; FINANCIAL management; CROCKER, Thomas D.; INCOME
- Publication
Land Economics, 1989, Vol 65, Issue 1, p68
- ISSN
0023-7639
- Publication type
Article
- DOI
10.2307/3146266