Modeling stumpage markets using vector error correction vs. simultaneous equation estimation approach: A case of the Louisiana sawtimber market

Rajan Parajuli, Daowei Zhang and Sun Joseph Chang

Forest Policy and Economics, 2016, vol. 70, issue C, 16-19

Abstract: In this paper, we compare the estimation results obtained from the multivariate vector error correction (VEC) method with the traditional simultaneous equations estimation approach. We found that the traditional simultaneous equations estimation approach produces similar demand and supply coefficients in the Louisiana stumpage market as the VEC method.

Keywords: Stumpage; Cointegration; Demand and supply modeling; Structural reduced-form approach; Vector error correction (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:forpol:v:70:y:2016:i:c:p:16-19

DOI: 10.1016/j.forpol.2016.05.013

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