Hultkrantz, Lars; Andersson, Linda; Mantalos, Panagiotis - In: Journal of Forest Economics 20 (2014) 1, pp. 33-46
The price of timber stumpage is one of the few natural-resource rents that can be directly observed as a market price. Rules for optimal timber harvesting under uncertainty have been found to depend on whether the timber rent price is non-stationary or stationary. In this study we extend...
