FORECASTING THE FUTURE FOR TIMBER

For each State a simple two-equation model of demand and supply was fitted to post-war data using two-stage least squares. Prior estimates of the housing coefficient were used to break collinearity problems in the demand function. Price elasticity of demand appears to be high and income elasticity moderate but declining with increasing income. The use of these estimates in forecasting is briefly outlined.


Issue Date:
1973-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/22324
Published in:
Australian Journal of Agricultural Economics, Volume 17, Number 3
Page range:
159-169
Total Pages:
11




 Record created 2017-04-01, last modified 2017-04-27

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