Title

"Capitalized Values and Misallocation in Grazing Public Range": A Reply

Keywords

Ranching, Capitalized value, Public land Grazing

Abstract

,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.

Document Type

Peer-Reviewed Article

Publication Date

1962-11

Publisher

Journal of Farm Economics

Language

English

University Standing at Time of Publication

Full Professor

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