In the face of growing pressure on our natural landscapes and increasingly bitter conflict over their management and use, simply defending the status quo is not enough. Finding a balance between producing commodities, such as lumber, and maintaining amenities, such as open space, is crucial if...

A transaction costs framework is developed to explain the choice between lump-sum and per unit payment provisions in private timber-harvesting contracts. Predictions about which contract type minimizes the transaction costs of presale measurement and ...