.... In addition, pairwise groups of sawlogs, pulpwood and woodchips were cointegrated in sawmill and pulp mill-markets. In regions without pulp mills, the prices of sawlogs and veneer logs of similar size and quality were cointegrated. These results reveal the existence of a dynamic of substitution. Usually...

... the dynamic option for Canadian landowners to switch from agriculture to poplar plantations, and also the option to sell poplar plantations for ethanol or pulpwood. The uncertainty in prices for poplar is characterized by time series models of prices for ethanol and pulpwood that characterize price...