"Capitalized Values and Misallocation in Grazing Public Range": A Reply
Ranching, Capitalized value, Public land Grazing
,WH ;rHAT does Dr. Milliman mean when he argues that I have in- correctly handled and interpreted the capitalization process? Essentially, that my discount rate is "too low" and/or that I have neglected uncertainty as a causal factor in explaining the differential between "ex- pected" and "actual" permit values. A priori, Milliman could be correct; there is no logical reason why his criticisms are not valid. However, the empirical evidence does not support his po
Original Publication Citation
Capitalized Values and Misallocation in Grazing Public Range: A Reply, Journal of Farm Economics, 43(4):1100-1102, 1962.
BYU ScholarsArchive Citation
Gardner, B. Delworth, ""Capitalized Values and Misallocation in Grazing Public Range": A Reply" (1962). All Faculty Publications. 2216.
Journal of Farm Economics
Journal of Farm Economics © 1962 Agricultural & Applied Economics Association