Consider a forest economy in which all timber stands are of
equal quality and privately owned....
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Economics
Consider a forest economy in which all timber stands are of
equal quality and privately owned. Assume that the net price of
harvested timber, 𝑝𝑝, is constant over time, as is the cost of
planting a new stand of trees, 𝑐𝑐. Denote the discount rate as
𝑟𝑟
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