Publication
|
Publication
|
The law of one price is tested using Johansen's simultaneous multivariate cointegration framework and the question of market integration is examined for hardwood pulpwood, mixed hardwood sawtimber, and oak sawtimber in six states (Alabama, Arkansas, Louisiana, Mississippi, Tennessee, and Texas) using quarterly real stumpage prices from 1977 to 1997. The main finding is that the law of one price is not applicable and markets are not fully integrated for any of these hardwood stumpage commodities. The implication is that the six states in this region can not be treated as single market for these commodities. Hardwood pulpwood markets are less integrated than hardwood sawtimber markets. There is evidence for three separated markets for hardwood pulpwood, and for two separated markets for each of mixed hardwood and oak sawtimber.
Fiscal Year: fy01 ·
Problem Area: pa98-1 ·
Theme: cctrgnas ·
Source: extra
<== Explain
Citation:
Nagubadi, V., I. A. Munn, and A. ahai. 2001. Integration Of hardwood stumpage markets in the Southcentral United States. Journal of Forest Economics 7(1):69-98. Want more? Send an email to jprestemon@fs.fed.us
.
If you're requesting a reprint be sure your email includes the citation and your complete mailing address.
|
Forest Economics and Policy |
|
USDA Forest Service Southern Research Station |