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This article uses a present value test to examine whether the Chilean government has smoothed taxes optimally since 1973. An important portion of the Chilean government's revenue is the result of royalties it earns from the extraction of copper. An appropriate test for tax-smoothing therefore must recognize that this part of the government's revenue is not completely under its control. The results provide strong evidence for tax smoothing when royalties from copper are treated as not being under government control, but only weak evidence if they are treated as if they are under government control.

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Artículo de publicación ISISeveral authors have argued that forest ecosystems serve as a hedge against extreme climatic events at a local scale. Consequently, the local climate regulation ecosystem services provided by forests can be economically valued by evaluating the reduction (increase) in the insurance premium that risk-averse individuals are willing to pay when forest cover is marginally increased (reduced). This type of insurance value associated to forest ecosystems services is estimated to be USD 0.0733 per hectare of forest for Chilean farmers. The empirical framework proposed in this paper is useful and relevant for the cost-benefit analysis of natural resource conservation investments

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