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Forecasting The Future For Timber

Author

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  • Ferguson, Ian S.

Abstract

For each State a simple two-equation model of demand and supply was fitted to post-war data using two-stage least squares. Prior estimates of the housing coefficient were used to break collinearity problems in the demand function. Price elasticity of demand appears to be high and income elasticity moderate but declining with increasing income. The use of these estimates in forecasting is briefly outlined.

Suggested Citation

  • Ferguson, Ian S., 1973. "Forecasting The Future For Timber," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 17(3), pages 1-11, December.
    • Handle: RePEc:ags:ajaeau:22324
    DOI: 10.22004/ag.econ.22324
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    File URL: https://ageconsearch.umn.edu/record/22324/files/17030159.pdf
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    References listed on IDEAS

    as
    1. Nerlove, Marc, 1958. "Distributed Lags and Demand Analysis for Agricultural and Other Commodities," Technical Resources 316559, United States Department of Agriculture, Agricultural Marketing Service, Transportation and Marketing Program.
    2. Neutze, Max G, 1972. "The Cost of Housing," The Economic Record, The Economic Society of Australia, vol. 48(123), pages 357-373, September.
    3. Max Neutze, 1972. "The Cost of Housing," The Economic Record, The Economic Society of Australia, vol. 48(3), pages 357-373, September.
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    Cited by:

    1. Paul, Phillip B. & Sar, N.L. & Bui-Lan, Anh, 1989. "Forecasting Sawntimber Consumption: The Application Of An End-Use Model," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 33(3), pages 1-14, December.

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    Keywords

    Demand and Price Analysis;

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