Working Papers, Konjunkturinstitutet - National Institute of Economic Research
An Environmental Accountant`s Dilemma: Are Stumpage Prices Reliable Indicators of Resource Scarcity?
(), 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
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- 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
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