Stumpage Prices in Sweden 1909-2011: Testing for Non-Stationarity
AbstractThe price of timber stumpage is one of the few natural-resource rents that can be directly observed as a market price. Rules for optimal timber harvesting under uncertainty have been found to depend on whether the timber rent price is non-stationary or stationary. In this study we extend previous research by Hultkrantz (1995) that tested for unit-root with an exogenous break point in Swedish stumpage prices from 1909-1990, employing data up to 2011, hence for 103 years, and unit-root tests with an endogenously selected break point. We find support for a structural level break at the end of WW2 and that non-stationarity can be rejected. We show that this is a robust conclusion.
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Bibliographic InfoPaper provided by Örebro University, School of Business in its series Working Papers with number 2013:1.
Length: 25 pages
Date of creation: 11 Jan 2013
Date of revision:
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Postal: Örebro University School of Business, SE - 701 82 ÖREBRO, Sweden
Phone: 019-30 30 00
Fax: 019-33 25 46
Web page: http://www.oru.se/Institutioner/Handelshogskolan-vid-Orebro-universitet/
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Roundwood; timber; natural-resource rents; unit root;
Find related papers by JEL classification:
- Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-09 (All new papers)
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