Alternative Supply Specifications and Estimates of Regional Supply and Demand for Stumpage (Classic Reprint)

Download or read book Alternative Supply Specifications and Estimates of Regional Supply and Demand for Stumpage (Classic Reprint) written by Kent P. Connaughton and published by Forgotten Books. This book was released on 2018-03-28 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Alternative Supply Specifications and Estimates of Regional Supply and Demand for Stumpage Four plausible sets of stumpage supply and demand equations were developed and estimated; the demand equation was the same for each set, although the supply equation differed. The supply specifications varied from the model of regional excess demand in which National Forest harvest levels were assumed fixed to a more rea listic model in which the harvest on the National Forests depended on current Fed eral timber sales, uncut-volume-under-contract, and stumpage price. Each set of equations was estimated with annual time-series data for Montana to test the effect of changing supply specification on stumpage demand. Each of the four sets of equations was estimated with two different proxies for the price of stumpage to test the effect of changing the definition of private stumpage price on demand. The slope of the demand curve - the coefficient measuring the change in stumpage price per unit change in quantity demanded - varied, sometimes dramatically, by supply specification and by the proxy used to measure stumpage price. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.