----------------- HES POSTING ----------------- Michael, Look at Hotelling, "The Economics of Exhaustible Resources," JPE, 39(2):137-75, 1931, and the earlier work by Faustmann summarized and extended by Samuelson in his "Economics of Forestry in an Evolving Society, Economic Inquiry, 14(4):466-92, Dec. 1976. Dan Bromley ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]