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Stumpage prices in Sweden 1909-2012: Testing for non-stationarity
Örebro University, Örebro University School of Business.ORCID iD: 0000-0003-1172-1076
Örebro University, Örebro University School of Business.ORCID iD: 0000-0001-5479-5310
Örebro University, Örebro University School of Business.
2014 (English)In: Journal of Forest Economics, ISSN 1104-6899, E-ISSN 1618-1530, Vol. 20, no 1, p. 33-46Article in journal (Refereed) Published
Abstract [en]

The 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 to 1990, employing data up to 2012, hence for 104 years, and unit-root tests with endogenously selected break points. 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. There is thus no sign of a new break in the extended recent time period and no signal of a secular increase of timber resource scarcity. (C) 2013 Department of Forest Economics, Swedish University of Agricultural Sciences, Lima Published by Elsevier GmbH. All rights reserved.

Place, publisher, year, edition, pages
Jena: Urban & Fischer, 2014. Vol. 20, no 1, p. 33-46
Keywords [en]
Roundwood, Timber, Natural-resource rents, Unit root
National Category
Economics and Business
Research subject
Business Studies
Identifiers
URN: urn:nbn:se:oru:diva-34643DOI: 10.1016/j.jfe.2013.07.003ISI: 000332191000003Scopus ID: 2-s2.0-84893806898OAI: oai:DiVA.org:oru-34643DiVA, id: diva2:711051
Available from: 2014-04-09 Created: 2014-04-09 Last updated: 2017-10-18Bibliographically approved

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Hultkrantz, LarsAndersson, LindaMantalos, Panagiotis

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CiteExportLink to record
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  • apa
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