read (4) yr pr perup vol mendo delno state cdfa usfs &
/* The year, the price per thousand, the percent uppers, the volume, dummy variables for
 mendocino, del norte counties, dummy variables for a state, cdfa and usfs sale */

D53 D54 D55 D56 D57 D58 D59 D60 D61 D62 D63 D64 D65 &
D66 D67 D68 D69 D70 D71 D72 D73 D74 D75 D76 D77 D78 D79 D80 D81 D82 D83 &
/* Dummy variable for the year of the sale */

fstock r10yr lcost fprice r3moch inv inv2 &
/* stock of fir, 10 year interest rate, logging and milling cost, price of fir,
3 month rate, inventory, alternate inventory assuming take anticipated */

oldpro admainr h2s lawndum rwdpro proprcnt parktk1 parktk2 &
hs r3mo gnpd comind clind valres valhome lawnfurn

#1 -- YEAR (1953-1981)

#2 -- RWDPRO (redwood production) is from various editions of the Statistical
Abstract of the United States, in tables labelled "Lumber Production, by
Kind of Wood".  The figures have been translated for our purposes from
millions to billions of board feet, lumber tally.

#3 -- PROPRCNT is the percent of total redwood production which is estimated
to be from oldgrowth as opposed to younggrowth. The percentage is based on
discussions with Brian Raley on 10/25/84. From 1953-65 this percentage
is considered to be essentially 100%. Thereafter it declines
geometrically until it reaches 65% in 1977.
	Standing inventory of old redwood ('inv') and annual lumber
production from oldgrowth redwood ('oldpro') are  calculated internally in the 
reduced form regression program 'wholejob': 'oldpro' is equal to 'rwdpro'
multiplied by 'proprcnt'; 'inv' is explained below. 

#4 -- PARKTK1 expresses historical parktakings in terms of oldgrowth redwood
plus the first of two assumptions about expectations on the 1978 parktake.
A 1968 parktake has been estimated at 1.8 bbf lumber tally old growth
(source: Brian Raley).  The 1978
take of 1.4 b.b.f is assumed removed in equal parts in 1973,1974. 
As a result, a  starting value for inventory of
1977=7.9745  is used in generating the 'inv' series in 'wholejob'under
parktk1 assumptions.

#5 -- PARKTK2 is the same thing, except that the 1978 parktake is now
assumed removed from commercial use entirely in 1978, and not earlier,
so a value of 1.4 b.b.f. appears for 1978, and zeroes for 1973,74.
Consequently, under parktk2 assumptions a starting inventory of
1977=9.3745 is used to generate the earlier inventory series 'inv'.
	All inventories prior to 1977 are calculated for the reduced
form estimation according to the formula
          inventory = inventory(-1) - oldpro(-1) - parktake(-1),
since all inventories are considered to be beginning-of-year.

#6 -- HS are "total new housing units started" from Statistical
Abstracts and Historical Statistics of the United States. 

#7 -- TBIL is the market yield on 3-month U.S. government securities.
Data come from Historical Statistics, the Federal Reserve Bulletin,
and Statistical Abstracts; all of which report the same series.

#8 -- GNPD is the gross national product deflator, 1972=100, from 
the National Income and Product Accounts.
	'gnpd' is used to deflate 'comind', 'clind', 'valres',
'valhome', and 'lawnfurn'.

#9 -- COMIND is the annual average producer price index #0811-0351,
for "Redwood boards, f.g., green. Data are from various issues of
Supplement to Producer Prices and Price Indexes.

#10 -- CLIND is the annual average producer price index #0811-0355,
Redwood boards, Clear, f.g., dry, from the same source as COMIND.

#11 -- VALRES is the Total Value of New Private and Public Construction
Put in Place: Total for Residential Buildings, translated from millions
to billions of dollars. The sources are Historical Statistics and
Statistical Abstracts.

#12 -- VALHOME is the Total Value of New Private and Public Construction
Put in Place: New Housing Units, in billions of dollars, from the
same sources.
	In the program 'wholejob', 'valres' and 'valhome' are the basic
data used to generate the additions and maintenance variable 'admainr',
which is defined as 
            admainr = (valres - valhome) * 100 / gnpd.

#13 -- LAWNFURN is the average annual Producer Price Index #1215, 
"Porch and Lawn Furniture", from Supplements to Producer Prices and
Price Indexes.

 53  0.969  1   0   0  1504  1.9  58.82  65.1  77.8  17.2  14  90.6	8.31440	
 54  0.958  1   0   0  1438  0.94  59.55  65.7  78  18.8  15.5  90.6	4.89491	
 55  0.991  1   0   0  1551  1.73  60.84  69.8  83.2  22.4  18.8  90.6	13.47081	
 80  1.148  0.65   0   0  1700  6.26  166.54  400  200  81  65.7  204.3	274.58887	
 81  1.148  0.65   0   0  1700  6.58  176.53  400  200  81  65.7  204.3	274.58887	
year     proprcnt parktk2            gnpd   comind   valres    lawnfurn
  rwdpro       parktk1     hs    tbil              clind   valhome       lnpri