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A Comparison of Timber Models for Use in Public Policy Analysis


  • Sedjo, Roger

    () (Resources for the Future)

  • Sohngen, Brent


In this paper, we compare and contrast two types of timber models that have been used for public policy analysis. These models have been variously used to predict price, inventory and market welfare impacts under different exogenous forces that impact timber markets. The framework and theory for each model type is presented and discussed. We then thoroughly test the two model types across six potential exogenous shocks to timber markets, ranging from instantaneous demand shocks to gradual supply adjustments. Our comparison indicates that these models predict potentially important differences in timber market behavior. These differences are important to consider for those who do public policy analysis.

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  • Sedjo, Roger & Sohngen, Brent, 1996. "A Comparison of Timber Models for Use in Public Policy Analysis," Discussion Papers dp-96-12, Resources For the Future.
  • Handle: RePEc:rff:dpaper:dp-96-12

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    References listed on IDEAS

    1. Solow, Robert M, 1974. "The Economics of Resources or the Resources of Economics," American Economic Review, American Economic Association, vol. 64(2), pages 1-14, May.
    2. Lyon, Kenneth S., 1981. "Mining of the forest and the time path of the price of timber," Journal of Environmental Economics and Management, Elsevier, vol. 8(4), pages 330-344, December.
    3. Berck, Peter, 1981. "Optimal management of renewable resources with growing demand and stock externalities," Journal of Environmental Economics and Management, Elsevier, vol. 8(2), pages 105-117, June.
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    1. Sedjo, Roger & Lyon, Kenneth, 1996. "Timber Supply Model 96: A Global Timber Supply Model with a Pulpwood Component," Discussion Papers dp-96-15, Resources For the Future.

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