The law of one price is tested using Johansen’s simultaneous multivariate cointegration framework and the question of market integration is examined for hardwood pulpwood, mixed hardwood sawtimber, and oak sawtimber in six states (Alabama, Arkansas, Louisiana, Mississippi, Tennessee, and Texas) using quarterly real stumpage prices from 1977 to 1997. The main finding is that the law of one price is not applicable and markets are not fully integrated for any of these hardwood stumpage commodities. The implication is that the six states in this region can not be treated as single marketfor these commodities. Hardwood pulpwood markets are less integrated than hardwood sawtimber markets. There is evidence for three separated markets for hardwood pulpwood, and for two separated markets for each of mixed hardwood and oak sawtimber.
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31 March 2001
Research Article|
March 31 2001
Integration of Hardwood Stumpage Markets in the Southcentral United States Available to Purchase
Venkatarao Nagubadi;
Mississippi State University
, Box 9681, Mississippi State, MS 39762, USA
Current address: Forester, USDA Forest Service, Pacific Northwest Research Station, P.O. Box 3890, Portland, OR 97208, USA. Email: rnagubadi@fs.fed.us.
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Ian A. Munn;
Ian A. Munn
Mississippi State University
, Box 9681, Mississippi State, MS 39762, USA
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Alireza Tahai
Alireza Tahai
Mississippi State University
, Box 9582, Mississippi State, MS 39762, USA
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Current address: Forester, USDA Forest Service, Pacific Northwest Research Station, P.O. Box 3890, Portland, OR 97208, USA. Email: rnagubadi@fs.fed.us.
Approved for publication as Journal Article No. FO-140 of the Forest & Wild-life Research Center, Mississippi State University, Mississippi State, MS 39762, U.S.A. Research funded by the Southern Forest Resource Assessment Consortium (SOFAC) and the USDA Forest Service, Southern Research Station. The authors wish to thank Donald Grebner, Darren Hudson, and Benjamin Blair, for comments on earlier drafts of the paper. An earlier version was presented at the 6th Ulvön Conference on Forest Economics, at Ulvön, Sweden, June 1999.
Online ISSN: 1618-1530
Print ISSN: 1104-6899
© 2001 Venkatarao Nagubadi, Ian A. Munn and Alireza Tahai
2001
Venkatarao Nagubadi, Ian A. Munn and Alireza Tahai
Licensed re-use rights only
Journal of Forest Economics (2001) 7 (1): 69–98.
Citation
Nagubadi V, Munn IA, Tahai A (2001), "Integration of Hardwood Stumpage Markets in the Southcentral United States". Journal of Forest Economics, Vol. 7 No. 1 pp. 69–98, doi: https://doi.org/10.1108/j.jfe.2001.03.005
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