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When the theory is not enough - valuation of forest resources with "efficiency" prices in practice

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  • Huhtala, Anni
  • Toppinen, Anne
  • Boman, Mattias

Abstract

In resource accounting, simple theoretical models built upon efficiency prices have been developed to capture changes in social welfare generated by natural resources. We examine whether changes in market stumpage prices, as proxies for efficiency prices, have actually reflected changes in the physical timber inventories in Finland and Sweden during the past seventy years. Cointegration and unit root tests show that no long-term equilibrium relationships exist between the timber prices and stocks. After identifying a potential reason for the result, the basic theoretical growth model is slightly elaborated to provide a more appropriate framework for measuring net domestic product for the forest sector.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Forest Economics.

Volume (Year): 9 (2003)
Issue (Month): 3 ()
Pages: 205-222

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Handle: RePEc:eee:foreco:v:9:y:2003:i:3:p:205-222

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Keywords: cointegration stumpage prices timber stocks;

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  1. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
  2. Motta, Ronaldo Seroa Da & Amaral, Claudio A. Ferraz Do, 2000. "Estimating timber depreciation in the Brazilian Amazon," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 129-142, February.
  3. Brown, Gardner M, Jr & Field, Barry C, 1978. "Implications of Alternative Measures of Natural Resource Scarcity," Journal of Political Economy, University of Chicago Press, vol. 86(2), pages 229-43, April.
  4. Eisner, Robert, 1989. "Divergences of Measurement and Theory and Some Implications for Economic Policy," American Economic Review, American Economic Association, vol. 79(1), pages 1-13, March.
  5. Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 141-49.
  6. Aaheim, Asbjorn & Nyborg, Karine, 1995. "On the Interpretation and Applicability of a "Green National Product."," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(1), pages 57-71, March.
  7. John M. Hartwick, 1990. "Natural Resources, National Accounting and Economic Depreciation," Working Papers 771, Queen's University, Department of Economics.
  8. Brekke, Kjell Arne, 1994. " Net National Product as a Welfare Indicator," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(2), pages 241-52.
  9. M. L. Weitzman, 1974. "On the Welfare Significance of National Product in Dynamic Economy," Working papers 125, Massachusetts Institute of Technology (MIT), Department of Economics.
  10. Karl-Göran Mäler, 1991. "National accounts and environmental resources," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(1), pages 1-15, March.
  11. Lars Hultkrantz, 1992. "National account of timber and forest environmental resources in Sweden," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 2(3), pages 283-305, May.
  12. Pemberton, Malcolm & Ulph, David, 2001. " Measuring Income and Measuring Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 103(1), pages 25-40, March.
  13. Lyon, Kenneth S., 1981. "Mining of the forest and the time path of the price of timber," Journal of Environmental Economics and Management, Elsevier, vol. 8(4), pages 330-344, December.
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