Hotelling literature extend to forestry economics: if differing in age, older trees are harvested first; if different in site … value, trees on more valuable land are harvested first. As trees of the same vintage (or site value) are harvested, the …

livestock and forest assets including trees. Using panel data, we applied both regression analysis and propensity score matching …. We found no indication that participation in PSNP induces households to disinvest in livestock or trees. In fact …, households that participated in the program increased the number of trees planted, but there was no increase in their livestock …