The stochastic implications of rent maximization: an application to stumpage rates for timber in British Columbia
构建了一个无正式市场下单一木材卖家租金最大化行为的模型，推导出当其他投入和产出价格随机时，租金最大化对木材价格（立木费率）的随机含义，并用加拿大不列颠哥伦比亚省1979年1月至1999年10月的月度数据检验模型，发现误差修正模型可解释13%至20%的立木费率变化。
Abstract We construct a model of rent‐maximizing behaviour by a single seller of timber in the absence of a formal market, deriving the stochastic implications of rent maximization for timber prices (stumpage rates) when other input and output (lumber) prices are random. Subsequently, we examine the model's ability to describe monthly, time‐series, stumpage‐rate data from British Columbia, Canada between January 1979 and October 1999. Deviations of stumpage rates from their long‐run trend are also structured by an error‐correction model which suggests that between 13 and 20% of period‐to‐period changes in stumpage rates can be explained by an equilibrium adjustment term. Copyright © 2004 John Wiley & Sons, Ltd.