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Stumpage prices in Sweden 1909-2012: Testing for non-stationarity
Örebro University.ORCID iD: 0000-0003-1172-1076
Örebro University.
Örebro University.
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
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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.

Place, publisher, year, edition, pages
Elsevier, 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:lnu:diva-50565DOI: 10.1016/j.jfe.2013.07.003ISI: 000332191000003OAI: oai:DiVA.org:lnu-50565DiVA, id: diva2:911068
Available from: 2014-04-09 Created: 2016-03-11 Last updated: 2017-11-30Bibliographically approved

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Hultkrantz, LarsMantalos, Panagiotis

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  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
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Output format
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  • text
  • asciidoc
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