Aggregate Timber Supply
Summary
Theory
Modeling approaches
1,Theory
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2,Modeling approaches
Normative approaches
Positive approaches
Timber supply,an empirical analysis
Contemporary research issues
2.1 Normative approaches
Static engineering models
Intertemporal optimization
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Individual choice models
Aggregate supply models
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2.3 Timber supply,an empirical analysis
Defining timber supply
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2.4 Contemporary research issues
Engineering approaches,
-Advantage for analyses of the long-run supply
-Not be well suited for short and medium-run analysis of
market dynamics and policy effects
Positive econometric models of supply
To conduct modeling at finer scales and then aggregate
the out comes to simulate supply responses
To expand aggregate timber supply models to include
additional information on the structure of timber
inventory on the righthand side of the supply equation