Progressive income taxes and option values: The case of a farmer who owns a forest

Journal of Forest Economics

Volumn 5, Issue 2, 1999, Pages 217-234

  Thorsen, Bo Jellesmark ^a  

^a UNIVERSITY OF COPENHAGEN   (Denmark)

Author keywords

Optimal harvesting; Optimal stopping; Real options; Stochastic non timber income

Indexed keywords

FORESTRY PRODUCTION; NONTIMBER FOREST PRODUCT; TAX SYSTEM;

EID: 0032719961     PISSN: 11046899     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (11)

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2. Dixit, A. K. & Pindyck, R.S., 1994. Investment under Uncertainty (Princeton: Princeton University Press).
3. Forboseh, P.F., 1994: Price-Adaptive Strategies for Multi-Product Forest Management with and without Yield Constraints. Ph.D.-dissertation, Michigan Technological University, Michigan, USA.
4. Lohmander, P., 1987: The Economics of Forest Management Under Risk. Department of Forest Economics, Swedish University of Agricultural Sciences, Umeå, Report 79.
5. Morck, R., Schwartz, E. & Stangeland, D., 1989: The Valuation of Forestry Resources under Stochastic Prices and Inventories. Journal of Financial and Quantitative Analysis, 24: 473-487.
6. Møller, C. M., 1933. Boniteringstabeller og Bonitetsvise tilvækstoversigter for Bøg, Eg og Rødgran i Danmark. [Site tables and Growth tables by Site for beech, oak and Norway spruce in Denmark.] Dansk Skovforenings Tidsskrift, 18: 457-627.
7. Norstrøm, C. J., 1975. A stochastic model for the growth period decision in forestry. Swedish Journal of Economics, 77: 329-337.
8. Plantinga, A., 1998. Optimal Harvesting Policies with Stationary and Non-Stationary Prices: An Option Value Analysis. Forest Science, 44, 192-202.
9. Statistics Denmark, Landbrugsstatistisk Årsbog 1965-1995, [Yearbook of Agricultural Statistics, issues 1965-1995].
10. Taylor C. R. & Novak, F.S., 1992. Optimal Flex Cropping and Storage of Spring Wheat under Progressive Income Tax. Canadian Journal of Agricultural Economics, 40: 369-384.
11. Thomson, T. A., 1992. Optimal Forest Rotation When Stumpage Prices Follow a Diffusion Process. Land Economics, 68: 329-342.