Determination of demand and supply in Virginia's primary forest products markets: an econometric study

Abstract

A short- and long-term model estimating consumption of Virginia's primary forest products was provided. Sawlog, veneer log, and pulpwood markets and their interrelationships were described using a system of 15 simultaneous equations and identities. The two stage least squares regression technique was used to determine structural coefficients of the demand, supply, and consumption equations associated with each market, and the resultant system was used to estimate equilibrium consumption of each product over the study period.