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No need for second thoughts, Dan. The reasoning goes both ways. The discount rate
affects the profit maximizing harvest strategy, but like with a Ricardian corn-corn model,
the returns from harvesting the trees will have to be equal to the general rate of
interest. I believe that Wicksell made an argument like that, but I have not located it
yet.
Thanks to everybody for their stimulating responses.
Michael Perelman
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