Incorporating Data and Theory in Roundwood Supply and Demand Estimation
用计量方法估计芬兰纸浆木材市场的供给与需求，发现短期供给对价格正反应、长期弹性为负，资本与木材互补而劳动可替代，动态调整过程与以往研究不同。
Abstract This paper examines the aggregate pulpwood market in Finland using the econometric approach advocated by Hendry, Neale, and Joba and Spanos, who propose a statistically consistent way to estimate simultaneous‐equations models. Private nonindustrial timber supply is estimated along with a three‐input demand function (capital, labor, and wood). Results indicate that short‐term supply reacts positively to an increase in stumpage price, while the long‐term (total) elasticity is negative and small in absolute terms. Capital is a complement while labor is a substitute for roundwood input. Dynamic adjustment process, substitution and cross‐price effects, and capital market imperfections implied by the present study differ from those obtained in previous research.