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Bequest Intentions of Forest Landowners: Theory and Empirical Evidence

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  • Gregory S. Amacher
  • Erkki Koskela
  • Markku Ollikainen
  • M. Christine Conway

Abstract

This article studies in an overlapping generations forest economy the conditions under which money and/or timber bequests occur across generations, assuming the usual case of one-sided altruism. We assume nonindustrial landowners have preferences for consumption and for amenities from unharvested forest stock. Within this framework, we examine conditions under which landowners choose to leave timber or money bequests, and we show how taxation is important to these conditions. Empirical evidence from bequests decisions for a cross-section sample of nonindustrial landowners in Virginia is then used to investigate the hypotheses suggested by the model with regard to the motive to leave bequests. The results are broadly consistent with the theoretical findings. Copyright 2002, Oxford University Press.

Suggested Citation

  • Gregory S. Amacher & Erkki Koskela & Markku Ollikainen & M. Christine Conway, 2002. "Bequest Intentions of Forest Landowners: Theory and Empirical Evidence," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(4), pages 1103-1114.
    • Handle: RePEc:oup:ajagec:v:84:y:2002:i:4:p:1103-1114
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    File URL: http://hdl.handle.net/10.1111/1467-8276.00371
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    Cited by:

    1. Alejandro Guevara & Juan Manuel Torres, 2014. "Bequest motive for conservation in timber production communities," Working Papers 0614, Universidad Iberoamericana, Department of Economics.
    2. Matilainen, A. & Koch, M. & Zivojinovic, I. & Lähdesmäki, M. & Lidestav, G. & Karppinen, H. & Didolot, F. & Jarsky, V. & Põllumäe, P. & Colson, V. & Hricova, Z. & Glavonjic, P. & Scriban, R.E., 2019. "Perceptions of ownership among new forest owners – A qualitative study in European context," Forest Policy and Economics, Elsevier, vol. 99(C), pages 43-51.
    3. Eskander, Shaikh M.S.U. & Barbier, Edward B., 2017. "Tenure Security, Human Capital and Soil Conservation in an Overlapping Generation Rural Economy," Ecological Economics, Elsevier, vol. 135(C), pages 176-185.
    4. Eskander, Shaikh M.S.U & Barbier, Edward B., 2015. "Tenure security and soil conservation in an overlapping generation rural economy," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205225, Agricultural and Applied Economics Association.
    5. Richard Barnett & Joydeep Bhattacharya & Helle Bunzel, 2013. "Deviant generations, Ricardian equivalence, and growth cycles," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(1), pages 367-396, January.
    6. Vokoun, Melinda & Amacher, Gregory S. & Wear, David N., 2006. "Scale of harvesting by non-industrial private forest landowners," Journal of Forest Economics, Elsevier, vol. 11(4), pages 223-244, January.
    7. Gregory, S. Amacher & Christine Conway, M. & Sullivan, Jay & Gregory, S. Amacher, 2003. "Econometric analyses of nonindustrial forest landowners: Is there anything left to study?," Journal of Forest Economics, Elsevier, vol. 9(2), pages 137-164.
    8. Markowski-Lindsay, Marla & Butler, Brett J. & Kittredge, David B., 2017. "The future of family forests in the USA: Near-term intentions to sell or transfer," Land Use Policy, Elsevier, vol. 69(C), pages 577-585.

    More about this item

    JEL classification:

    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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