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The paper tests Hotelling's prediction that scarcity rent for a nonrenewable resource will rise at the rate of discount in a market equilibrium. We perform the test using data for old-growth timber, a resource that is effectively nonrenewable. In contrast to previous studies, for this resource a...
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Illegal logging is widely recognized as a major economic problem and one of the causes of environmental degradation. Increasing awareness of its negative effects has fostered a wide range of proposals to combat it by major international conservation groups and political organizations. Following...
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