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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.
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Hyberg et al. (1989) studied this question.
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