Gong, Peichen; Löfgren, Karl-Gustaf Löfgren - Institutionen för Nationalekonomi, Umeå Universitet - 2001
This paper examines the effect of risk-aversion on the short-run supply of timber, when the harvest revenue can be invested in a risk-free and a risky asset. It turns out that recognition of the risky investment alternative invalidates the previously reported effect of risk-aversion on short-run...