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A Dynamic Model of Timber Markets

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A theoretical model of the dynamics of timber markets is developed. The adjustment process over time which a competitive timber market should undergo as a result of unanticipated demand shifts is analyzed. The adjustment process is characterized by an initial price shock and then a relatively long period of gradually changing prices, harvest ages, and harvest levels. This adjustment leads to a new steady state characterized by a fully regulated forest managed with Faustmann rotations. For. Sci. 36(2):255-264.
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Keywords: Timber supply; dynamic control; timber market dynamics; timber market equilibriums

Document Type: Journal Article

Affiliations: The Yale School of Forestry and Environmental Studies

Publication date: 01 June 1990

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