Table 1 Ethanol, hardwood pulpwood, and... | Emerald Publishing

Table 1

Ethanol, hardwood pulpwood, and agriculture land price simulation parameters.

	Price Model	Parameter Description	Parameter Values
$λ^{e}$	Ethanol	Mean constant	0.60336
$α_{0}^{e}$	Ethanol	Volatility constant	0.00127
$α_{1}^{e}$	Ethanol	Lagged error	0.86745
$β_{1}^{e}$	Ethanol	Lagged volatility	0.09775
$λ^{p}$	Pulpwood	Mean constant	119.0387
$α_{0}^{p}$	Pulpwood	Volatility constant	4.54703
$α_{1}^{p}$	Pulpwood	Lagged error	0.92613
$β_{1}^{p}$	Pulpwood	Lagged volatility	0.13407
γ	Agriculture land value	drift rate	0.01893
$σ^{a}$	Agriculture land value	Volatility	0.08469

	Price Model	Parameter Description	Parameter Values
$λ^{e}$	Ethanol	Mean constant	0.60336
$α_{0}^{e}$	Ethanol	Volatility constant	0.00127
$α_{1}^{e}$	Ethanol	Lagged error	0.86745
$β_{1}^{e}$	Ethanol	Lagged volatility	0.09775
$λ^{p}$	Pulpwood	Mean constant	119.0387
$α_{0}^{p}$	Pulpwood	Volatility constant	4.54703
$α_{1}^{p}$	Pulpwood	Lagged error	0.92613
$β_{1}^{p}$	Pulpwood	Lagged volatility	0.13407
γ	Agriculture land value	drift rate	0.01893
$σ^{a}$	Agriculture land value	Volatility	0.08469