A Comparison of Timber Market Models: Static Simulation and Optimal Control Approaches
Abstract:In this paper, we compare and contrast two types of timber models that have been used to analyze the market impacts of policy proposals or exogenous forces that affect timber markets. The framework and theory for static simulation and optimal control models are presented and discussed. We then compare single region, empirical versions of the models across six scenarios of exogenous economic shocks. The models are found to predict different outcomes for timber market behavior when demand changes, or when young timber is affected by a supply shock. Similar outcomes between the models are obtained when older timber stocks are affected by shocks, or when the exogenous forces impact timber markets gradually over time. For. Sci. 44(1):24-36.
Document Type: Journal Article
Affiliations: Senior Fellow, Resources For the Future, 1616 P Street NW, Washington, DC 20036
Publication date: February 1, 1998
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