Effects of Supply and Demand Determinants on Pulpwood Stumpage Quantity and Price in Texas

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This paper presents a dynamic model of the Texas pine pulpwood stumpage market. The analysis incorporates profit maximization of the demand side with utility maximization on the supply side to analyze short-run market behavior. The model is estimated using a ridge regression form of three-stage least squares to redress the problems associated with degrading collinearity. Multipliers are then constructed to predict the short- and long-run equilibrium impacts of supply and demand determinants on pulpwood quantity and price. For. Sci. 38(3):652-660.

Keywords: Market model; dynamic multipliers; ridge regression

Document Type: Journal Article

Affiliations: Graduate Research Assistant, Warnell School of Forest Resources, The University of Georgia, Athens

Publication date: August 1, 1992

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