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- Title
On the Value of the Condition of a Forest Stock: Reply.
- Authors
Crocker, Thomas D.
- Abstract
The article presents a reply to the comments made by George R. Parsons on the value of the condition of the forest stock. George Parsons correctly states that the empirical value measure that the author adopted is a surplus measure. The coefficients represent the income equivalent of the change in this surplus for a one unit change in the appropriate covariate. Parsons is wrong when he insists that this measure is inconsistent with the formulation of the consumer's problem that the author propose; nevertheless the responsibility for his confusion rests with the author alone. The author believes that his loose use in the empirical section of willingness-to-pay as shorthand for expenditures on the access fee is at least partly responsible for the confusion. More significantly perhaps, Parsons has chosen to focus exclusively upon my formal mathematical treatment of the individual's decision problem and to disregard the verbal presentation that surrounds it. In the article the author provides a more formal statement of his original verbal presentation that is fully consistent with the empirical specification and with the original mathematical expressions.
- Subjects
FOREST economics; FOREST management; INCOME; BUDGET surpluses; FINANCIAL management; PARSONS, George R.
- Publication
Land Economics, 1989, Vol 65, Issue 1, p73
- ISSN
0023-7639
- Publication type
Article
- DOI
10.2307/3146267