Working Papers, School of Business, Örebro University
Stumpage Prices in Sweden 1909-2011: Testing for Non-Stationarity
(), 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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