Analysis on the Relationship between the Prices of Pulps and Wood Chips

펄프 가격과 목재칩 가격간의 상관관계 분석

  • Lee, Kee-Hyun (Dept. of Food and Resource Economics, Korea University) ;
  • Kim, Chul-Hwan (Dept. of Forest Sciences/IALS, Gyeongsang National University) ;
  • Kim, Eui-Gyeong (Division of Forest Sciences/IALS, Gyeongsang National University) ;
  • Ahn, Byeong-Il (Dept. of Food and Resource Economics, Korea University)
  • 이기현 (고려대학교 식품자원경제학과) ;
  • 김철환 (경상대학교 임산공학과/농업생명과학연구원) ;
  • 김의경 (경상대학교 환경산림과학부/농업생명과학연구원) ;
  • 안병일 (고려대학교 식품자원경제학과)
  • Received : 2011.09.02
  • Accepted : 2011.09.23
  • Published : 2011.09.30

Abstract

In order to investigate the relationship between the prices of wood chips and pulps, regression analysis and cointegration test were conducted. Test results indicated that pulp producers adjusted pulp price in response to the change in wood-chip price and there were a long-run relationship between these prices. This implied that by raising the selling price of pulp, pulp producers avoid profit loss incurred by the increase in the wood-chip price. The existence of cointegration between wood chips and pulp prices implied that pulp producers were competing when they set the selling price of pulp.

Keywords

References

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