The stochastic implications of rent maxi
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M. Ryan Haley; Harry J. Paarsch
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Article
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2004
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John Wiley and Sons
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English
β 224 KB
## Abstract We construct a model of rentβmaximizing behaviour by a single seller of timber in the absence of a formal market, deriving the stochastic implications of rent maximization for timber prices (stumpage rates) when other input and output (lumber) prices are random. Subsequently, we examine