Recent models of nonindustrial private forest landowner behavior have suggested that landowners seek nonmonetary as well as monetary returns from their forest investments. In this paper, landowners are modeled as maximizing utility, which is a function of income and nonpecuniary benefits. We explore the implications of this model for both harvesting and reforestation decisions, present empirical evidence that supports the model, and discuss some policy implications of the model.
The views expressed are those of the authors and do not necessarily represent the policies of the US Department of Agriculture or the views of other US Department of Agriculture staff members. The authors would like to thank the anonymous referee for helpful suggestions.
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