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Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Working Paper No. 1/2013
Verlag: 
Örebro University School of Business, Örebro
Zusammenfassung: 
The price of timber stumpage is one of the few natural-resource rents that can be directly observed as a market price. Rules for optimal timber harvesting under uncertainty have been found to depend on whether the timber rent price is non-stationary or stationary. In this study we extend previous research by Hultkrantz (1995) that tested for unit-root with an exogenous break point in Swedish stumpage prices from 1909-1990, employing data up to 2011, hence for 103 years, and unit-root tests with an endogenously selected break point. We find support for a structural level break at the end of WW2 and that non-stationarity can be rejected. We show that this is a robust conclusion.
Schlagwörter: 
Roundwood
timber
natural-resource rents
unit root
JEL: 
Q23
Dokumentart: 
Working Paper

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