An investigation of the harvest decision of timber firms in the south‐east United States
作者:
Bill Provencher,
期刊:
Journal of Applied Econometrics
(WILEY Available online 1995)
卷期:
Volume 10,
issue S1
页码: 57-74
ISSN:0883-7252
年代: 1995
DOI:10.1002/jae.3950100505
出版商: Wiley Subscription Services, Inc., A Wiley Company
数据来源: WILEY
摘要:
AbstractIn the forestry literature, stochastic extensions of the classic Faustmann model have become the predominant models of optimal harvesting on even‐aged timber stands. A recent attempt to estimate a stochastic version of the Faustmann model left several puzzling results unexplained (Provencher, 1995). This paper reports on new estimation and analyses undertaken to resolve these puzzles. Of particular note is the result that the value of using correct price forecasts in the harvest decision is much lower than indicated by recent simulation studies, perhaps because variability in convenience yield dampens the expected gain from exploiting stochastic variation in timber price
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