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Suppose that Ms. Y has a valuable tree growing in her yard that she will harvest within the next four years, and people have contacted
Suppose that Ms. Y has a valuable tree growing in her yard that she will harvest within the next four years, and people have contacted her about buying it from her. Assume that any buyer would cover all the costs of harvesting the tree, so that Ms. Y only cares about the amount she would receive as payment. Suppose further that she would consume this payment in the year in which she receives it-e.g., she might take a special tri
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