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Forecasting the selling price of timber auctions

Keywords: Econometric model , Forecast , Multiple linear regression , Timber auctions

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Abstract:

This paper focuses on the development of an econometric model for the forecast of the closing price of timber auctions in the Maramures area, using the multiple linear regression model and taking into account six exterior variables. After applying the statistical tests, we defined the model which contains only four significant independent variables. The results can be used to forecast the closing prices for future auctions.

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