A Production Function Analysis of Loblolly Pine Yield Equations
Abstract:A timber production function analysis for unthinned loblolly pine plantations was made using a four-equation system. In the system, the yield equation is the production function. The production function and other equations fit the data well, using biological consistency, significance, goodness of fit, and minimal collinearity as criteria. The system also predicted volume for lightly and heavily thinned stands with a Mean Difference of 2 and 5% of mean volume, respectively. Analysis of the production function coefficients verified the functional form. More specifically, all input factors are complementary, output elasticities indicate a relatively unresponsive production function, the Elasticity of Scale is 2.3, the elasticities of substitution lie between zero and 1.0, and the production function has Variable Elasticity of Substitution (VES). For. Sci. 35(3):775-788.
Document Type: Journal Article
Affiliations: Thomas M. Brooks Professor of Forest Biometrics, Department of Forestry, Virginia Polytechnic Institute and State University
Publication date: 1989-09-01
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