S-WoPEc
 
Scandinavian Working Papers in Economics
HomeAboutSeriesSubject/JEL codesAdvanced Search
Konjunkturinstitutet - National Institute of Economic Research Working Papers, Konjunkturinstitutet - National Institute of Economic Research

No 77:
An Environmental Accountant`s Dilemma: Are Stumpage Prices Reliable Indicators of Resource Scarcity?

Anni Huhtala (), Anne Toppinen () and Mattias Boman

Abstract: In resource accounting, shadow prices of natural resources and environmental effects should be used as the social marginal value of goods. Since it is difficult to measure shadow prices in practice, market prices are often used as proxies for shadow prices. A prerequisite for the use of these proxies is that there is an established relationship between size of the natural resource stock of interest and its market price. We have unique data sets on physical timber inventories in Finland and Sweden to analyze whether changes in stumpage prices have actually reflected changes in the stocks during the past seventy years. Cointegration and unit root tests are used for analyzing whether changes in market stumpage prices have reflected changes in physical timber stocks in Finland and Sweden during the past seventy years. The results indicate that no long-term equilibrium relationships exist between the timber prices and stocks.

Keywords: stumpage prices; timber stocks; renewable resources; cointegration; (follow links to similar papers)

JEL-Codes: C32; Q23; (follow links to similar papers)

27 pages, November 1, 2001

Before downloading any of the electronic versions below you should read our statement on copyright.
Download GhostScript for viewing Postscript files and the Acrobat Reader for viewing and printing pdf files.

Full text versions of the paper:

WP_77.pdf    PDF-file
Download Statistics
This paper is published as:
Huhtala, Anni, Anne Toppinen and Mattias Boman, (2003), 'An Environmental Accountant`s Dilemma: Are Stumpage Prices Reliable Indicators of Resource Scarcity?', Journal of Forest Economics, Vol. 9, pages 205-222



Questions (including download problems) about the papers in this series should be directed to Sarah Hegardt Grant ()
Report other problems with accessing this service to Sune Karlsson () or Helena Lundin ().

Programing by
Design by Joachim Ekebom

Handle: RePEc:hhs:nierwp:0077 This page was generated on 2016-12-07 23:04:10