Scandinavian Working Papers in Economics
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School of Business, Örebro University Working Papers, School of Business, Örebro University

No 2013:1:
Stumpage Prices in Sweden 1909-2011: Testing for Non-Stationarity

Linda Andersson (), Lars Hultkrantz () and Panagiotis Mantalos ()

Abstract: The price of timber stumpage is one of the few natural-resource rents that can be directly observed as a market price. Rules for optimal timber harvesting under uncertainty have been found to depend on whether the timber rent price is non-stationary or stationary. In this study we extend previous research by Hultkrantz (1995) that tested for unit-root with an exogenous break point in Swedish stumpage prices from 1909-1990, employing data up to 2011, hence for 103 years, and unit-root tests with an endogenously selected break point. We find support for a structural level break at the end of WW2 and that non-stationarity can be rejected. We show that this is a robust conclusion.

Keywords: Roundwood; timber; natural-resource rents; unit root; (follow links to similar papers)

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

25 pages, January 11, 2013

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This paper is published as:
Andersson, Linda, Lars Hultkrantz and Panagiotis Mantalos, (2014), 'Stumpage Prices in Sweden 1909-2011: Testing for Non-Stationarity', Journal of Forest Economics, Vol. 20, No. 1, pages 33-46

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