We study the informational efficiency of the European Emissions Trading Scheme, EU ETS market by simulating the trading in this emerging market. If the market is efficient, profitable trading should only exist locally in time. We adopt the Timmermann and Granger (2004) definition of efficiency...

The paper provides a framework to approach price and quantity determination in the roundwood market from a slightly new perspective. In the spirit of the trade union literature, a model of timber price determination is formulated according to which the forest owners' association determines...

By using the two-period model, this study analyzes the effects of forest taxation on the short-term timber supply of nonindustrial private forest owners. The study consists of three separate articles and a note that have been published in forest economic journals. In each the assumption is made...