In this econometric analysis, the Swedish roundwood market is divided into two submarkets: the sawtimber market, which consists of many buyers and sellers, and the pulpwood markets, which consists of few buyers who collaborate in purchasing cartels. The two markets are interrelated through...

Measures of partial welfare losses are derived for markets where the price may fail to equate demand and supply. The welfare loss is measured as the difference between the sum of consumer surplus and producer surplus when going from a disequilibrium regime to an equilibrium regime. A...