Discount Rates of Limited Resource Woodland Owners in North Carolina and Virginia
نویسندگان
چکیده
Discount rates were estimated for Limited Resource Woodland Owners (LRWOs) in North Carolina and Virginia, using a survey that asked landowners to choose between two harvesting scenarios with different payment amounts and rotation lengths. Our innovative sampling frame resulted in a more diverse set of respondents, with high proportions of minority and small woodland owners. The estimated annual discount rate was 2.6% (real rate, risk-free). Discount rates increased with age, income, and number of children (up to three). The marginal effect of age was lower among higher income landowners. Landowners preferred forestry income in shorter intervals. Those who lived on or near their property were less likely to make written wills. The discount rate was not a significant factor in determining the probability of contacting a professional forester or making woodland improvements.
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