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Rent Capture Analysis of Ontario’s Stumpage System Using an Enhanced Parity Bounds Model

  • Feng’ e Yang
  • Shashi Kant
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    We develop and use an enhanced parity bounds model (EPBM) to examine the discrepancy between the stumpage price administratively determined under Ontario’s current stumpage pricing system and the market value of stumpage covering from June, 1995 to January, 2007. The results show that in the short run, the stumpage prices were below or above the market values. However, in the long run, the underpayment and overpayment will even out each other. The results imply that Ontario’s stumpage pricing system has the ability to capture the full economic rents in the long-run, and the results also have other policy implications.

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    File URL: http://le.uwpress.org/cgi/reprint/84/4/667
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    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 84 (2008)
    Issue (Month): 4 ()
    Pages: 667-688

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    Handle: RePEc:uwp:landec:v:84:y:2008:i:4:p:667-688
    Contact details of provider: Web page: http://le.uwpress.org/

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    1. Brannman, Lance Eric, 1996. "Potential Competition and Possible Collusion in Forest Service Timber Auctions," Economic Inquiry, Western Economic Association International, vol. 34(4), pages 730-45, October.
    2. Yin, Runsheng & Baek, Jungho, 2004. "The US-Canada softwood lumber trade dispute: what we know and what we need to know," Forest Policy and Economics, Elsevier, vol. 6(2), pages 129-143, March.
    3. L. Ingber, 1996. "Statistical mechanics of nonlinear nonequilibrium financial markets: Applications to optimized trading," Lester Ingber Papers 96nf, Lester Ingber.
    4. Stennes, Brad & Wilson, Bill, 2005. "An analysis of lumber trade restrictions in North America: application of a spatial equilibrium model," Forest Policy and Economics, Elsevier, vol. 7(3), pages 297-308, March.
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