IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

An Environmental Accountant`s Dilemma: Are Stumpage Prices Reliable Indicators of Resource Scarcity?

  • Huhtala, Anni

    ()

    (National Institute of Economic Research)

  • Toppinen, Anne

    ()

    (Finnish Forest Research Institute)

  • Boman, Mattias

    (National Institute of Economic Research)

In resource accounting, shadow prices of natural resources and environmental effects should be used as the social marginal value of goods. Since it is difficult to measure shadow prices in practice, market prices are often used as proxies for shadow prices. A prerequisite for the use of these proxies is that there is an established relationship between size of the natural resource stock of interest and its market price. We have unique data sets on physical timber inventories in Finland and Sweden to analyze whether changes in stumpage prices have actually reflected changes in the stocks during the past seventy years. Cointegration and unit root tests are used for analyzing whether changes in market stumpage prices have reflected changes in physical timber stocks in Finland and Sweden during the past seventy years. The results indicate that no long-term equilibrium relationships exist between the timber prices and stocks.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.konj.se/download/18.70c52033121865b1398800093017/WP_77.pdf
Download Restriction: no

Paper provided by National Institute of Economic Research in its series Working Paper with number 77.

as
in new window

Length: 27 pages
Date of creation: 01 Nov 2001
Date of revision:
Publication status: Published in Journal of Forest Economics, 2003, pages 205-222.
Handle: RePEc:hhs:nierwp:0077
Contact details of provider: Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden
Phone: 46-(0)8-453 59 00
Fax: 46-(0)8-453 59 80
Web page: http://www.konj.se/Email:


More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Ahrens, W. Ashley & Sharma, Vijaya R., 1997. "Trends in Natural Resource Commodity Prices: Deterministic or Stochastic?," Journal of Environmental Economics and Management, Elsevier, vol. 33(1), pages 59-74, May.
  2. Vincent, Jeffrey R., 2000. "Green accounting: from theory to practice," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 13-24, February.
  3. 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.
  4. 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.
  5. Asheim, G.B., 1998. "Green National Accounting: Why and How?," Memorandum 08/1998, Oslo University, Department of Economics.
  6. Weitzman, Martin L., 2000. "The linearised Hamiltonian as comprehensive NDP," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 55-68, February.
  7. 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.
  8. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  9. Asheim, Geir B, 1997. " Adjusting Green NNP to Measure Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(3), pages 355-70, September.
  10. Hanley, Nick & Moffatt, Ian & Faichney, Robin & Wilson, Mike, 1999. "Measuring sustainability: A time series of alternative indicators for Scotland," Ecological Economics, Elsevier, vol. 28(1), pages 55-73, January.
  11. 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.
  12. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, vol. 90(1), pages 156-62, February.
  13. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, March.
  14. Aronsson, Thomas & Lofgren, Karl-Gustaf, 1999. "Pollution tax design and 'Green' national accounting," European Economic Review, Elsevier, vol. 43(8), pages 1457-1474, August.
  15. Hartwick, John M., 1990. "Natural resources, national accounting and economic depreciation," Journal of Public Economics, Elsevier, vol. 43(3), pages 291-304, December.
  16. Berck, Peter & Roberts, Michael, 1996. "Natural Resource Prices: Will They Ever Turn Up?," Journal of Environmental Economics and Management, Elsevier, vol. 31(1), pages 65-78, July.
  17. Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 141-49.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:hhs:nierwp:0077. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Henrik Hellström)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.