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Incorporating Data and Theory in Roundwood Supply and Demand Estimation

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  • Lauri Hetemäki
  • Kuuluvainen Jari

Abstract

This paper examines the aggregate pulpwood market in Finland using the econometric approach advocated by Hendry, Neale, and Joba and Spanos, who propose a statistically consistent way to estimate simultaneous-equations models. Private nonindustrial timber supply is estimated along with a three-input demand function (capital, labor, and wood). Results indicate that short-term supply reacts positively to an increase in stumpage price, while the long-term (total) elasticity is negative and small in absolute terms. Capital is a complement while labor is a substitute for roundwood input. Dynamic adjustment process, substitution and cross-price effects, and capital market imperfections implied by the present study differ from those obtained in previous research.

Suggested Citation

  • Lauri Hetemäki & Kuuluvainen Jari, 1992. "Incorporating Data and Theory in Roundwood Supply and Demand Estimation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(4), pages 1010-1018.
    • Handle: RePEc:oup:ajagec:v:74:y:1992:i:4:p:1010-1018.
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    File URL: http://hdl.handle.net/10.2307/1243199
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    Cited by:

    1. Chen, Wei & Marchant, Mary A. & Song, Baohui, 2009. "Impacts of China's Food Consumption on U.S. Soybean Exports," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 46820, Southern Agricultural Economics Association.
    2. Schwab, Olaf & Bull, Gary & Maness, Thomas, 2005. "A mill-specific roundwood demand equation for southern and central Finland," Journal of Forest Economics, Elsevier, vol. 11(2), pages 95-106, September.
    3. Huhtala, Anni & Toppinen, Anne & Boman, Mattias, 2001. "An Environmental Accountant`s Dilemma: Are Stumpage Prices Reliable Indicators of Resource Scarcity?," Working Papers 77, National Institute of Economic Research.

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