. Tradeoffs and interdependence in the Alaska cant and log markets. Logging Alaska; Forests and forestry Alaska; Lumber trade Alaska; Forest products industry Alaska. 10 8. 1978 1979 1980 1981 1982 1983 1984 1985 1986 Figure 2—Ratio of softwood lumber to log exports from Alaska. 1987 Previous Work on the Subject Eight different circumstances could account for the export changes between cants and logs shown in figures 1 and 2. First, there could have been a change in the rela- tive values of cants and logs throughout the Pacific Rim market. Second, instead of price changes overseas, there may h
. Tradeoffs and interdependence in the Alaska cant and log markets. Logging Alaska; Forests and forestry Alaska; Lumber trade Alaska; Forest products industry Alaska. 10 8. 1978 1979 1980 1981 1982 1983 1984 1985 1986 Figure 2—Ratio of softwood lumber to log exports from Alaska. 1987 Previous Work on the Subject Eight different circumstances could account for the export changes between cants and logs shown in figures 1 and 2. First, there could have been a change in the rela- tive values of cants and logs throughout the Pacific Rim market. Second, instead of price changes overseas, there may have been changes in physical factors offshore that would alter imports of cants versus logs without causing significant price shifts. Third, in Alaska, there may be differences in the response of log and cant supplies to price changes. Fourth, there might, instead, have been a change in the relative worth of Alaska cants and logs, without corresponding changes for material from other re- gions. Fifth, there may have been a change in the costs of producing cants versus logs. Sixth, there is the possibility that increased availability of logs displaced cants from a market that could absorb a relatively fixed total volume. Alternatively and seventh, a flexible, price-responsive market might operate indirectly on cant demand. Eighth, the special situation of Alaska's premium grades may be responsible. Each situation is explained. Conclusions are drawn about Alaska's cant and log markets for the past decade and about the implications for the future. Gallagher and Mehrkens (1984) developed separate, hybrid supply and demand functions for Alaska cants and logs, differentiating not only between products but also between the two major Alaska timber species. They concluded that, based on rela- tive prices of cants and logs, hemlock {Tsuga sp.) logs were competitive with cants, and spruce {Picea sp.) market behavior suggested that cants were "goods-in- process" for that specie
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