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Federal Timber Restrictions and Interregional Arbitrage in U.S. Lumber

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  • Brian C. Murray
  • David N. Wear
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    Abstract

    Harvesting restrictions to protect the habitat of the northern spotted owl on federal forests in the Pacific Northwest (PNW) substantially reduced timber available for processing by the forest products industry. We consider the extent to which these restrictions may have altered the degree of integration of the PNW and U.S. South in a national market for lumber. Descriptive statistics and econometric analysis of monthly price data suggest that a structural break occurred in the relationship between the two regions' product prices around the time of the harvest restrictions leading to a more integrated market after the restrictions were imposed.

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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 74 (1998)
    Issue (Month): 1 ()
    Pages: 76-91

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    Handle: RePEc:uwp:landec:v:74:y:1998:i:1:p:76-91

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    Web page: http://le.uwpress.org/

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    Cited by:
    1. Bingham, Matthew F. & Prestemon, Jeffrey P. & MacNair, Douglas J. & Abt, Robert C. & Bingham, Matthew F., 2003. "Market structure in U. S. southern pine roundwood," Journal of Forest Economics, Elsevier, Elsevier, vol. 9(2), pages 97-117.
    2. Pizer, William A. & Kopp, Raymond, 2005. "Calculating the Costs of Environmental Regulation," Handbook of Environmental Economics, Elsevier, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 25, pages 1307-1351 Elsevier.
    3. Sun, Changyou & Liao, Xianchun, 2011. "Effects of litigation under the Endangered Species Act on forest firm values," Journal of Forest Economics, Elsevier, Elsevier, vol. 17(4), pages 388-398.
    4. Anders, Q. Nyrud, 2002. "Integration in the Norwegian pulpwood market: domestic prices versus external trade," Journal of Forest Economics, Elsevier, Elsevier, vol. 8(3), pages 213-225.
    5. Yin, Runsheng & Newman, David H. & Siry, Jacek, 2002. "Testing for market integration among southern pine regions," Journal of Forest Economics, Elsevier, Elsevier, vol. 8(2), pages 151-166.
    6. John Livernois & Henry Thille & Xianqiang Zhang, 2006. "A test of the Hotelling rule using old-growth timber data," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 39(1), pages 163-186, February.
    7. Yin, Runsheng & Xu, Jintao, 2003. "Identifying the inter-market relationships of forest products in the Pacific Northwest with cointegration and causality tests," Forest Policy and Economics, Elsevier, Elsevier, vol. 5(3), pages 305-315, September.
    8. Adam Daigneault & Brent Sohngen, 2008. "Estimating Welfare Effects from Supply Shocks with Dynamic Factor Demand Models," NCEE Working Paper Series, National Center for Environmental Economics, U.S. Environmental Protection Agency 200803, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Feb 2008.

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