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Production Function Analysis and Market Adjustments: An Application to the Pacific Northwest Forest Products Industry

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A market model for the Pacific Northwest forest products industry is constructed as a system of supply and demand equations. The output supply equation explicitly represents the underlying production process through the use of the translog form of the production function. Estimates of the market-to-market elasticity measures suggest that changes in U.S. construction demand and changes in private forest inventories have a greater impact on output price and factor employment in the Pacific Northwest forest products industry than increases in the amount of stumpage sold from the National Forests. Further, the market-to-market elasticity measures show a greater degree of substitution between inputs than indicated by the Allen partial elasticities of substitution derived from the production function. Forest Sci. 29:813-822.

Keywords: Supply; demand; market equilibrium; production functions

Document Type: Journal Article

Affiliations: Economist, USDA Forest Service, Pacific Northwest Forest and Range Experiment Station, Portland, OR 97232

Publication date: December 1, 1983

More about this publication?
  • Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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