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A dynamic factor demand model for the Swedish pulp industry: An euler equation approach
Swedish University of Agricultural Sciences, Department of Forest Economics.
Umeå University, Faculty of Social Sciences, Department of Economics.
1999 (English)In: Journal of Forest Economics, ISSN 1104-6899, Vol. 5, no 1, 45-67 p.Article in journal (Refereed) Published
Place, publisher, year, edition, pages
Elsevier , 1999. Vol. 5, no 1, 45-67 p.
Identifiers
URN: urn:nbn:se:umu:diva-4001OAI: oai:DiVA.org:umu-4001DiVA: diva2:142933
Available from: 2004-05-12 Created: 2004-05-12 Last updated: 2009-08-13Bibliographically approved
In thesis
1. Factor Demand and Market Power
Open this publication in new window or tab >>Factor Demand and Market Power
2004 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

The objective of Paper [I] is to analyze potential effects on the Swedish forest sector of a continuing rise in the use of forest resources as fuel in energy generation. An increasing use of forest resources as an energy input may have effects outside the energy sector. In this paper we consider this by estimating a system of demand and supply equations for the four main actors on the Swedish roundwood market.

In Paper [II], we estimate a dynamic factor demand model for the Swedish pulp industry. We find weak evidence of adjustment costs for capital. The results suggest that the user cost of capital is a significant determinant of pulp industry investments. We also find that pulp industry investments are insensitive to variations in the price of electricity.

Paper [III] proposes a flexible form of adjustment cost function. An empirical illustration shows that the flexible form can detect both convex and non-convex adjustment costs. Furthermore, the flexible form permits testing for the experience effect on adjustment cost.

The objective of paper [IV] is to analyze the price formation for wood fuel used by the Swedish district heating sector. According to previous research there is a significant potential for increasing the use of wood fuel in Sweden. The question raised in this paper is why this potential is not realized. According to our results we cannot reject the efficient market hypothesis for all years.

The objective of Paper [V] is to test for market power on the market for biofuels. To achieve our objective we make use of the idea of Granger causality. If past values of quantity contribute significantly to the determination of price, quantity is said to Granger cause price, which we will treat as a sign of market power. According to our findings this effect is present.

Place, publisher, year, edition, pages
Umeå: Umeå universitet, 2004. 98 p.
Series
Umeå economic studies, ISSN 0348-1018 ; 633
Keyword
Economics, demand and supply, dynamic factor demand, adjustment costs, bootstrap, panel data, market power, Nationalekonomi
National Category
Economics
Research subject
Economics
Identifiers
urn:nbn:se:umu:diva-279 (URN)91-7305-670-7 (ISBN)
Distributor:
Nationalekonomi, 90187, Umeå
Public defence
2004-06-04, Hörsal S213h, Samhällsvetarhuset, Umeå Universitet, Umeå, 13:15 (English)
Opponent
Supervisors
Available from: 2004-05-12 Created: 2004-05-12 Last updated: 2009-12-23Bibliographically approved

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Citation style
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