You are here: Home
/ Publication Information
Title: Stochastic Price Models and Optimal Tree Cutting: Results for Loblolly Pine
Author: Haight, Robert G.; Holmes, Thomas P.
Source: Natural Resource Modeling 5(4):423-443
Publication Series: Miscellaneous Publication
Description: An empirical investigation of stumpage price models and optimal harvest policies is conducted for loblolly pine plantations in the southeastern United States. The stationarity of monthly and quarterly series of sawtimber prices is analyzed using a unit root test. The statistical evidence supports stationary autoregressive models for the monthly series and for the quarterly series of opening month prices. In contrast, the evidence supports a non-stationary random walk model for the quarterly series of average prices. This conflicting result is likely an artifact of price averaging. The properties of these series significantly affect the forms of optimal price-dependent harvest rules and expected returns. Further, the results have implications for conclusions about market efficiency and the performance of a fixed rotation age.
Keywords: Forest management, optimal harvesting, time-series analysis
- We recommend that you also print this page and attach it to the printout of the article, to retain the full citation information.
- This article was written and prepared by U.S. Government employees on official time, and is therefore in the public domain.
- You may send email to firstname.lastname@example.org to request a hard copy of this publication. (Please specify exactly
which publication you are requesting and your mailing address.)
XML: View XML
Haight, Robert G.; Holmes, Thomas P. 1991. Stochastic Price Models and Optimal Tree Cutting: Results for Loblolly Pine. Natural Resource Modeling 5(4):423-443
Get the latest version of the Adobe Acrobat reader or Acrobat Reader for Windows with Search and Accessibility