Abstract
A theoretical model of the dynamics of timber markets is developed. The adjustment process over time which a competitive timber market should undergo as a result of unanticipated demand shifts is analyzed. The adjustment process is characterized by an initial price shock and then a relatively long period of gradually changing prices, harvest ages, and harvest levels. This adjustment leads to a new steady state characterized by a fully regulated forest managed with Faustmann rotations. -Authors
| Original language | English (US) |
|---|---|
| Pages (from-to) | 255-264 |
| Number of pages | 10 |
| Journal | Forest Science |
| Volume | 36 |
| Issue number | 2 |
| State | Published - 1990 |
| Externally published | Yes |
ASJC Scopus subject areas
- Forestry
- Ecology
- Ecological Modeling