{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2023,10,19]],"date-time":"2023-10-19T05:15:49Z","timestamp":1697692549242},"reference-count":28,"publisher":"Wiley","issue":"1","license":[{"start":{"date-parts":[[2004,2,11]],"date-time":"2004-02-11T00:00:00Z","timestamp":1076457600000},"content-version":"vor","delay-in-days":41,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["J of Applied Econometrics"],"published-print":{"date-parts":[[2004,1]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>We construct a model of rent\u2010maximizing behaviour by a single seller of timber in the absence of a formal market, deriving the stochastic implications of rent maximization for timber prices (stumpage rates) when other input and output (lumber) prices are random. Subsequently, we examine the model's ability to describe monthly, time\u2010series, stumpage\u2010rate data from British Columbia, Canada between January 1979 and October 1999. Deviations of stumpage rates from their long\u2010run trend are also structured by an error\u2010correction model which suggests that between 13 and 20% of period\u2010to\u2010period changes in stumpage rates can be explained by an equilibrium adjustment term. Copyright \u00a9 2004 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.730","type":"journal-article","created":{"date-parts":[[2004,2,12]],"date-time":"2004-02-12T08:01:14Z","timestamp":1076572874000},"page":"25-48","source":"Crossref","is-referenced-by-count":2,"title":["The stochastic implications of rent maximization: an application to stumpage rates for timber in British Columbia"],"prefix":"10.1002","volume":"19","author":[{"given":"M. Ryan","family":"Haley","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Harry J.","family":"Paarsch","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2004,2,11]]},"reference":[{"key":"e_1_2_8_2_1","doi-asserted-by":"publisher","DOI":"10.1016\/0169-2070(87)90077-X"},{"key":"e_1_2_8_3_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0084.1986.mp48003005.x"},{"key":"e_1_2_8_4_1","doi-asserted-by":"publisher","DOI":"10.1093\/0198288107.001.0001"},{"key":"e_1_2_8_5_1","unstructured":"British Columbia Ministry of Forests Timber Management Branch.1985.Major Primary Timber Processing Facilities in B.C.\u20141984. Ministry of Forests: Victoria Canada."},{"key":"e_1_2_8_6_1","unstructured":"British Columbia Ministry of Industry and Small Business Development Central Statistics Bureau.1983.British Columbia Economic Accounts: 1963\u20131982. Ministry of Industry and Small Business Development: Victoria Canada."},{"key":"e_1_2_8_7_1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/1.3.195"},{"key":"e_1_2_8_8_1","doi-asserted-by":"publisher","DOI":"10.2307\/1926790"},{"key":"e_1_2_8_9_1","doi-asserted-by":"publisher","DOI":"10.2307\/2231972"},{"key":"e_1_2_8_10_1","volume-title":"Estimation and Inference in Econometrics","author":"Davidson R","year":"1993"},{"key":"e_1_2_8_11_1","doi-asserted-by":"publisher","DOI":"10.2307\/2297923"},{"key":"e_1_2_8_12_1","doi-asserted-by":"publisher","DOI":"10.1086\/262046"},{"key":"e_1_2_8_13_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(92)90090-E"},{"key":"e_1_2_8_14_1","doi-asserted-by":"publisher","DOI":"10.2307\/2951602"},{"key":"e_1_2_8_15_1","doi-asserted-by":"publisher","DOI":"10.2307\/2286348"},{"key":"e_1_2_8_16_1","doi-asserted-by":"publisher","DOI":"10.2307\/1913236"},{"key":"e_1_2_8_17_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(81)90079-8"},{"key":"e_1_2_8_18_1","doi-asserted-by":"publisher","DOI":"10.1086\/260724"},{"key":"e_1_2_8_19_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(89)90049-4"},{"key":"e_1_2_8_20_1","unstructured":"Madison's Canadian Lumber Reporter.1979\u20131999. Madison's Publications: Vancouver Canada."},{"key":"e_1_2_8_21_1","doi-asserted-by":"publisher","DOI":"10.1086\/261850"},{"key":"e_1_2_8_22_1","doi-asserted-by":"publisher","DOI":"10.2307\/2938339"},{"key":"e_1_2_8_23_1","volume-title":"On the Principles of Political Economy and Taxation","author":"Ricardo D","year":"1817"},{"key":"e_1_2_8_24_1","first-page":"490","article-title":"Some aspects of appraising standing timber","volume":"34","author":"Rothery J","year":"1936","journal-title":"Journal of Forestry"},{"key":"e_1_2_8_25_1","doi-asserted-by":"publisher","DOI":"10.2307\/2232553"},{"key":"e_1_2_8_26_1","doi-asserted-by":"publisher","DOI":"10.1002\/jae.3950060104"},{"key":"e_1_2_8_27_1","doi-asserted-by":"publisher","DOI":"10.2307\/1911260"},{"key":"e_1_2_8_28_1","volume-title":"Der Isolierte Staat in Beziehung auf Landwirtschaft und Nationaloeconomie","author":"von Th\u00fcnen J","year":"1826"},{"key":"e_1_2_8_29_1","first-page":"514","article-title":"A model of homogeneous input demand under price uncertainty","volume":"81","author":"Wolak F","year":"1991","journal-title":"American Economic Review"}],"container-title":["Journal of Applied Econometrics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.wiley.com\/onlinelibrary\/tdm\/v1\/articles\/10.1002%2Fjae.730","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/jae.730","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,10,18]],"date-time":"2023-10-18T03:35:27Z","timestamp":1697600127000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1002\/jae.730"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2004,1]]},"references-count":28,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2004,1]]}},"alternative-id":["10.1002\/jae.730"],"URL":"https:\/\/doi.org\/10.1002\/jae.730","archive":["Portico"],"relation":{},"ISSN":["0883-7252","1099-1255"],"issn-type":[{"value":"0883-7252","type":"print"},{"value":"1099-1255","type":"electronic"}],"subject":[],"published":{"date-parts":[[2004,1]]}}}