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Space-Time Modeling of Timber Prices

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  • Zhou, Mo
  • Buongiorno, Joseph

Abstract

A space-time econometric model was developed for pine sawtimber timber prices of 21 geographically contiguous regions in the southern United States. The correlations between prices in neighboring regions helped predict future prices. The impulse response analysis showed that although southern pine sawtimber markets were not globally integrated, local supply and demand shocks did transmit partially to immediate neighboring regions, and could also have weaker effects in more distant regions.

Suggested Citation

  • Zhou, Mo & Buongiorno, Joseph, 2006. "Space-Time Modeling of Timber Prices," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(1), pages 1-17, April.
    • Handle: RePEc:ags:jlaare:10147
    DOI: 10.22004/ag.econ.10147
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    1. Aleksandra Górna & Alicja Szabelska-Beręsewicz & Marek Wieruszewski & Monika Starosta-Grala & Zygmunt Stanula & Anna Kożuch & Krzysztof Adamowicz, 2023. "Predicting Post-Production Biomass Prices," Energies, MDPI, vol. 16(8), pages 1-16, April.
    2. Fuchs, Jasper M. & v. Bodelschwingh, Hilmar & Lange, Alexander & Paul, Carola & Husmann, Kai, 2022. "Quantifying the consequences of disturbances on wood revenues with Impulse Response Functions," Forest Policy and Economics, Elsevier, vol. 140(C).
    3. Lamichhane, Sabhyata & Mei, Bin & Siry, Jacek, 2023. "Forecasting pine sawtimber stumpage prices: A comparison between a time series hybrid model and an artificial neural network," Forest Policy and Economics, Elsevier, vol. 154(C).
    4. Yang, Yang & Zhang, Honglei, 2019. "Spatial-temporal forecasting of tourism demand," Annals of Tourism Research, Elsevier, vol. 75(C), pages 106-119.
    5. Banaś, Jan & Šafařík, Dalibor & Utnik-Banaś, Katarzyna & Hlaváčková, Petra, 2022. "Identifying long-run and short-run relationships in the European Union softwood market," Forest Policy and Economics, Elsevier, vol. 143(C).
    6. Adriana Piazza & Bernardo Pagnoncelli, 2015. "The stochastic Mitra–Wan forestry model: risk neutral and risk averse cases," Journal of Economics, Springer, vol. 115(2), pages 175-194, June.
    7. Yu, Zhihan & Ning, Zhuo & Chang, Wei-Yew & Chang, Sun Joseph & Yang, Hongqiang, 2023. "Optimal harvest decisions for the management of carbon sequestration forests under price uncertainty and risk preferences," Forest Policy and Economics, Elsevier, vol. 151(C).
    8. Asada, Raphael & Hurmekoski, Elias & Hoeben, Annechien Dirkje & Patacca, Marco & Stern, Tobias & Toppinen, Anne, 2023. "Resilient forest-based value chains? Econometric analysis of roundwood prices in five European countries in the era of natural disturbances," Forest Policy and Economics, Elsevier, vol. 153(C).
    9. Korhonen, Jaana & Henderson, Jesse D. & Prestemon, Jeffrey, 2023. "National forest timber bids and export price interlinkages in the USA: The bounds testing approach," Forest Policy and Economics, Elsevier, vol. 152(C).

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    Keywords

    Demand and Price Analysis;

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