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dc.contributor.authorAlvarez, Luis H. R.en
dc.contributor.authorKoskela, Erkkien
dc.date.accessioned2009-01-28T15:53:19Z-
dc.date.available2009-01-28T15:53:19Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/18850-
dc.description.abstractThe paper uses both the single rotation and ongoing rotation framework to study the impact ofyield tax, lump-sum tax, cash flow tax and tax on interest rate earnings on the privatelyoptimal rotation period when forest value growth is stochastic and forest owners are eitherrisk neutral or risk averse. In the case of risk-neutral forest owner higher yield tax raises theoptimal harvesting threshold and thereby prolongs the expected rotation period. The samequalitative result holds for lump-sum tax and for the tax on interest rate earnings, while thecash flow tax is neutral. Under risk aversion the optimal harvesting threshold is lower and theexpected rotation period shorter than under risk neutrality both in the single and ongoingrotation cases. Comparative statics of taxes are similar as under risk neutrality with theexception of cash flow tax, which may not be neutral anymore. Numerical results indicate thatthe optimal harvesting threshold both as a function of the yield tax and the forest valuevolatility increases more rapidly under risk neutrality than under risk aversion.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1211en
dc.subject.jelC44en
dc.subject.jelD80en
dc.subject.jelQ23en
dc.subject.ddc330en
dc.subject.keywordoptimal rotationen
dc.subject.keywordtaxationen
dc.subject.keywordstochastic forest valueen
dc.subject.keywordrisk aversionen
dc.subject.stwForstökonomieen
dc.subject.stwForststeueren
dc.subject.stwSteuerwirkungen
dc.subject.stwAbholzungen
dc.subject.stwTheorieen
dc.titleTaxation and rotation age under stochastic forest stand value-
dc.typeWorking Paperen
dc.identifier.ppn856641065en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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