Structure And Efficiency Of Timber Markets

  • Authors: Murray, Brian C.; Prestemon, Jeffrey P.
  • Publication Year: 2003
  • Publication Series: Miscellaneous Publication
  • Source: In: Sills, Erin O.; Abt, Karen Lee, eds. Forests in a market economy. 2003. Dordrecht, The Netherlands: Kluwer Academic Publishers. p. 153-176.

Abstract

Perfect competition has long been the standard by which economists have judged the market's ability to achieve an efficient social outcome. The competitive process, unfettered by the imperfections discussed below, forges an outcome in which goods and services are produced at their lowest possible cost, and market equilibrium is achieved at the point at which the cost of the last unit supplied just equals its value in use to the demander. This point maximizes the amount of utility that consumers obtain and the profit that producers procure through the existence of the market. Therein lies the appeal of perfect competitive markets.

  • Citation: Murray, Brian C.; Prestemon, Jeffrey P. 2003. Structure And Efficiency Of Timber Markets. In: Sills, Erin O.; Abt, Karen Lee, eds. Forests in a market economy. 2003. Dordrecht, The Netherlands: Kluwer Academic Publishers. p. 153-176.
  • Posted Date: April 1, 1980
  • Modified Date: August 22, 2006
  • Requesting Print Publications

    Publication requests are subject to availability. Fiscal responsibility limits the hardcopies of publications we produce and distribute. Electronic versions of publications may be downloaded, distributed and printed.

    Please make any requests at pubrequest@fs.fed.us.

    Publication Notes

    • This article was written and prepared by U.S. Government employees on official time, and is therefore in the public domain.
    • Our online publications are scanned and captured using Adobe Acrobat. During the capture process some typographical errors may occur. Please contact the SRS webmaster if you notice any errors which make this publication unusable.
    • To view this article, download the latest version of Adobe Acrobat Reader.