Prestemon, Jeffrey P.; Holmes, Thomas P. - In: American Journal of Agricultural Economics 82 (2000) 1, pp. 145-160
Catastrophic shocks to existing stocks of a renewable resource can cause long-run price shifts. With timber, these long-run price shifts may be accompanied by a short-run price drop due to salvage. Hurricane Hugo damaged 20% of southern pine timber in the South Carolina Coastal Plain in 1989. To...