Ståle Størdal

• Thrane, Christer; Størdal, Ståle; Haugom, Erik & Mehmetoglu, Mehmet (2026). How Taste Quality and Roast Level Affect Coffee Prices. Journal of Agricultural & Food Industrial Organization. s. 1–11. doi: 10.1515/jafio-2026-0007. Fulltekst i vitenarkiv Vis sammendrag

  Research on the determinants of coffee prices is scarce. In this study, we examine how coffee prices are associated with two key coffee attributes – taste quality and roast level – within a price hedonic framework. We report three main findings. First, taste quality has a positive but non-linear effect on price: Among coffee types below the threshold for superior quality, an additional quality point has only a modest effect, whereas among superior-quality coffees, the same increase in quality results in a substantially larger price premium. Second, roast level has a positive and roughly linear effect on price, indicating that lighter roasts are more expensive than darker ones. Third, both the non-linear quality effect and the linear roast-level effect vary across the coffee price distribution, with substantially larger effects among the most expensive coffees than among the least expensive. Although these findings show how quality and roast level shape price formation in the specialty coffee market, their novel character also suggests that more research is needed on the determinants of coffee prices.

• Halbrendt, Lars Erik Lunde; Lavrutich, Maria; Melhus, Inger Kristine & Størdal, Ståle (2025). The impact of ancillary services in green hydrogen investment valuation. European Journal of Operational Research. ISSN 0377-2217. s. 1–16. doi: 10.1016/j.ejor.2025.10.043. Fulltekst i vitenarkiv Vis sammendrag

  As the share of intermittent renewable energy sources increases, there is a growing need for f lexible resources to maintain grid stability. Green hydrogen, produced by electrolysis, is recognized as a key flexible resource because of its easily adjustable production process. However, previous studies often deem investments in green hydrogen production unprofitable, largely because they tend to overlook the potential revenue from ancillary services. This paper addresses this gap by examining the impact of integrating ancillary services into the investment strategy for a green hydrogen production plant. We link a stochastic price model with an hourly resolution optimization and a real options valuation to quantify the benefits of co-optimizing hydrogen production and ancillary service participation for hydrogen plants in Norway and Germany. Our results show that optimizing the electrolyzer’s daily production to include participation in ancillary services markets substantially raises the project’s NPV and eliminates the value of delaying investment. In contrast, without ancillary services, spot-price volatility creates an incentive to delay investment. This effect is stronger in Germany than in Norway due to more volatile spot prices. This highlights the complementary role of real-options valuation and participation in the ancillary services markets, where ancillary service revenues act as an operational hedge, smoothing cash flows and reducing price volatility, thereby reducing the incentive to postpone investment.

• Carnero, M. Angeles; Fleten, Stein-Erik; Størdal, Ståle & Westgaard, Sjur (2025). Ex ante and ex post risk premiums in electricity futures. Quantitative finance (Print). ISSN 1469-7688. 25(11), s. 1717–1729. doi: 10.1080/14697688.2025.2551768. Fulltekst i vitenarkiv Vis sammendrag

  This paper examines ex post and ex ante risk premiums on Nordic electricity futures over differenttime horizons, using commercial-grade forecasts from 2013–2024. It assesses the variation in riskpremiums with supply scarcity and with seasons, and analyzes higher moments (skewness and kurto-sis) in these contexts. The study finds that ex post premiums usually surpass ex ante premiums, withsignificantly negative premiums in summer across all contracts. Additionally, risk premiums tend toincrease during periods of limited hydropower production opportunities. The analysis highlights theimportance of skewness in risk premiums, noting positive skewness during autumn and winter

• Ewald, Christian Oliver; Haugom, Erik; Ouyang, Ruolan; Smith-Meyer, Erik & Størdal, Ståle (2025). Intra-day seasonality and abnormal returns in the Brent crude oil futures market. Quantitative finance (Print). ISSN 1469-7688. 25(11), s. 1–14. doi: 10.1080/14697688.2025.2535479. Fulltekst i vitenarkiv Vis sammendrag

  We investigate intra-day seasonal patterns in Brent crude oil futures traded at the IntercontinentalExchange in London. Our data cover tick data for futures of various maturities from January 2010 toOctober 2021, a database covering 130 Gigabytes of oil transactions. We convert these data into one-minute data and observe statistically significant intra-day seasonal patterns with peaks and bottomsat particular times of the day, depending on maturities and whether or not spreads are considered.In the second part of our analysis, we explore whether these systematic patterns can be exploited tocreate arbitrage-like long-short strategies, going long and short at particular times during the day.The answer is yes; even when accounting for realistic transaction costs and margin requirements,some of the proposed strategies can create consistent positive and significant CAPM alphas.

• Bakke, Ingrid Bårdsdatter; Henriksen, Bendik Stubstad & Størdal, Ståle (2025). Operationalisation of the UN Sustainable Development Goals in the teaching of “non-green” subjects in HE–a case study from a Norwegian university. Scandinavian Journal of Educational Research. ISSN 0031-3831. s. 1–24. doi: 10.1080/00313831.2025.2472252. Fulltekst i vitenarkiv Vis sammendrag

  This article examines how sustainability is operationalised in curricula at Inland Norway University (INN). Like many other public institutions in Norway, the university has formulated goals in its overall strategy, which states that its research and teaching work shall support the UN Sustainable Development Goals (SDGs). In this article, we study if and how SDGs are expressed in educational programmes at the university. We work at three different faculties at the university, and we have examined a selection of the curricula and course descriptions from our respective faculties to see if, and to what extent, the SDGs are represented. We found only one explicit reference to sustainability but many implicit ones. We discuss why and how the university can work to lift sustainability as a topic and find ways to operationalise it in teaching

• Gangsø, Marie Renée Sørum; Lien, Gudbrand; Mehmetoglu, Mehmet; Sjølie, Hanne Kathrine & Størdal, Ståle (2025). Intentions of housing developers to reuse wood materials in buildings. Journal of Industrial Ecology. ISSN 1088-1980. 29(2), s. 574–589. doi: 10.1111/jiec.13618. Fulltekst i vitenarkiv Vis sammendrag

  The environmental impacts of the construction industry can be decreased by enhancing material circularity. This study explored the psychological factors that influence the intention of housing developers to use recycled wood materials in construction projects. A cross-sectional survey (n = 138) was conducted in the fall of 2022 in southern Norway. A conceptual model was developed and tested to integrate the theory of planned behavior and institutional theory. The model incorporates three behavioral variables (behavioral attitude, subjective norms, and perceived behavioral control), regulatory and market factors, and previous reuse behavior to investigate their direct and indirect impacts on reuse intention. Partial least squares structural equation modeling was used to test the hypotheses. In addition, a bootstrapping test was used to examine the potential mediating effects. The conceptual model explained a large proportion ( = 53 %) of the intentions of housing developers to use recycled wood materials in construction projects in the next 5 years. The results reveal that previous reuse behavior, behavioral attitude, perceived behavioral control, and regulatory and market factors positively impact the intention to use recycled wood materials, while subjective norms do not have a significant effect. This suggests that changes in the use of recycled materials do not originate from consumer requirements. Easy access to materials, information, and suitable regulations and standards can improve the intention to use recycled wood in construction projects. Thus, this may be a first step toward establishing an industrialized value chain for recycled wood materials for construction.

• Joshi, Pooja; Størdal, Ståle; Lien, Gudbrand; Mishra, Deepti & Haugom, Erik (2024). A Comprehensive Analysis of Dropout Assisted Regularized Deep Learning Architectures for Dynamic Electricity Price Forecasting. IEEE Access. 12, s. 177327–177341. doi: 10.1109/ACCESS.2024.3501773. Fulltekst i vitenarkiv Vis sammendrag

  As the world moves towards a sustainable future, there is a need for efficient integration of intermittent energy sources (IES) sources with intelligent energy grids. Electricity from IES (such as wind, solar, hydro, etc.) relies on various environmental factors and introduces significant uncertainties. This, in turn, impacts the financial viability of the investment plan for energy utilities and demands the deployment of efficient electricity price forecasting (EPF) approaches. Many existing EPF approaches show limited performance due to significant nonlinearity, high volatility, and continuous evolutions of exogenous variables. For such applications, data-driven approaches such as deep learning (DL) have shown promising forecasting capabilities in recent years. Therefore, this work comprehensively analyses the performance of various DL architectures for EPF across five major global deregulated electricity markets. Furthermore, to improve the performance, we propose a distinct approach by integrating Monte Carlo dropouts and weighted constraints in a DL architecture. The performance of model is assessed against regression-based models and benchmark DL architectures in terms of error matrices and computational time. The results demonstrate that the presented methodology enables the identification of the most appropriate DL architecture and demonstrates improved forecasting performance for electricity markets when compared against benchmarks.

• Størdal, Ståle; Gangsø, Marie Renée Sørum; Lien, Gudbrand & Sjølie, Hanne Kathrine (2024). Drivers of housing developers’ perception on future construction reuse material premium for wood. Journal of Cleaner Production. ISSN 0959-6526. 476, s. 1–14. doi: 10.1016/j.jclepro.2024.143642. Fulltekst i vitenarkiv
• Thrane, Christer; Lien, Gudbrand; Mehmetoglu, Mehmet & Størdal, Ståle (2024). Price Hedonics of Beers: Effects of Alcohol Content, Quality Rating, and Production Country. Journal of Agricultural & Food Industrial Organization. 22(1), s. 33–40. doi: 10.1515/jafio-2023-0048. Fulltekst i vitenarkiv
• Joshi, Pooja; Størdal, Ståle; Mishra, Deepti & Haugom, Erik (2023). Dynamic Electricity Price Forecasting via Deep Learning, 2023 IEEE International Conference on Energy Technologies for Future Grids (ETFG). IEEE (Institute of Electrical and Electronics Engineers). ISSN 9781665455565. s. 1–6. doi: 10.1109/ETFG55873.2023.10407554. Fulltekst i vitenarkiv Vis sammendrag

  In this paper, we investigate the problem of dynamic electricity price forecasting in five deregulated electricity markets (Nord Pool, PJM, EPEX-BE, EPEX-FR, EPEX-DE). We propose an electricity price forecasting model, which captures the uncertainties of exogenous variables (e.g. load demand, generated power, etc.), and forecasts the time-ahead dynamic electricity prices. We use deep neural networks (DNN), assisted by dropouts, to formulate the model. We compare the performance with DNN-based models from the literature and a benchmark regression model. To improve the performance, we experimented with dropouts in the hidden layers. The results show that the proposed model is low-complex, reproducible, performs at par with competing DNN-based methods, and outperforms the benchmark model across the five electricity markets.

• Ewald, Christian Oliver; Hadina, Jelena; Haugom, Erik; Lien, Gudbrand; Størdal, Ståle & Yahya, Muhammad (2023). Sample frequency robustness and accuracy in forecasting Value-at-Risk for Brent Crude Oil futures. Finance Research Letters. ISSN 1544-6123. 58(A). doi: 10.1016/j.frl.2023.103916. Fulltekst i vitenarkiv Vis sammendrag

  In this paper we examine how sensitive Value-at-Risk (VaR) forecasts based on simple linear quantile regressions are to the sampling frequency used to calculate realized volatility. We use sampling frequencies from one to 108 min for ICE Brent Crude Oil futures and test the out-of-sample performance of a set of quantile regression models using formal coverage tests. The results show that a one-factor model performs exceptionally well for most sampling frequencies used to calculate realized volatility. In comparison with the well-known Heterogeneous Auto-regressive Model of Realized Volatility (HAR-RV) and a quantile regression version of the HAR model (HAR-QREG), we also find that the one-factor model is much less sensitive to the sampling frequency used to calculate realized volatility.

• Mydland, Ørjan; Størdal, Ståle; Kumbhakar, Subal Chandra & Lien, Gudbrand (2022). Modeling markups and its determinants: The case of Norwegian industries and regions. Economic Analysis and Policy. ISSN 0313-5926. 76(December), s. 252–262. doi: 10.1016/j.eap.2022.08.014. Fulltekst i vitenarkiv Vis sammendrag

  In this paper we use an innovative and nonstandard approach to model and estimate markups and market power. The approach uses a regression framework with determinants as well as a random component. We use this innovative tool to investigate the level of market power in Norwegian industries and regions. Norway is an interesting case study because in Norway prices on most consumer goods and services are higher than in similar countries. Given that many studies show substantial and an increasing trend in markup, it is naturally interesting to investigate the market power in different industries and different regions in Norway. We use an unbalanced panel collected by The Norwegian Tax Administration for the period 2000-2018 to address this issue. We find low and non-increasing market power in Norway, which is different from other countries. Further, we find that market powers decrease with firm-size, increase with geographical industrial concentration and decrease with rural location.

• Ewald, Christian Oliver; Haugom, Erik; Lien, Gudbrand; Størdal, Ståle & Wu, Yuexiang (2022). Trading time seasonality in commodity futures: An opportunity for arbitrage in the natural gas and crude oil markets? Energy Economics. ISSN 0140-9883. 115. doi: 10.1016/j.eneco.2022.106324. Fulltekst i vitenarkiv Vis sammendrag

  In this paper we investigate energy futures contracts and the presence of a type of seasonality, that has been given very little to no attention in the literature – we call it trading time seasonality. Such seasonality is exposed through the futures trading time, not its maturity time, nor the underlying spot price. As we show, it can be linked to seasonality in the pricing kernel, but the latter can’t explain it fully. Its relationship to arbitrage and CAPM violation is investigated, and its presence is confirmed for natural gas and crude oil futures markets using descriptive analysis, Kruskal—Wallis testing and CAPM methodology. We provide an informal discussion around possible reasons for the effect and identify seasonal hedging pressure and market sentiments as such.

• Størdal, Ståle; Ewald, Christian Oliver; Lien, Gudbrand & Haugom, Erik (2022). Trading Time Seasonality in Electricity Futures. Journal of Commodity Markets. ISSN 2405-8513. s. 1–12. doi: 10.1016/j.jcomm.2022.100291. Fulltekst i vitenarkiv Vis sammendrag

  Trading time seasonality reflects the seasonal behavior of futures prices with the same time of maturity. Hence, it differs from classical seasonality, which reflects seasonal behavior induced by the spot price observed for varying maturities. This type of seasonality is linked to the pricing kernel which in turn accounts for seasonal changes in preferences of agents and tied to risk aversion and thus the demand for hedging. In the present study we empirically examine trading time seasonality in yearly Nordic and German electricity futures contracts. Visual inspection of both average monthly futures prices and the futures backward curves provides strong indications of futures prices systematically varying over the trading year. On average both Nordic and German futures prices are lowest in first quarter- and highest in third quarter trading months. This is confirmed by statistical tests of stochastic dominance. Exploiting this insight in a simple trading strategy induces positive and significant alphas in the sense of the capital asset pricing model. We relate the findings to potential seasonal risk preferences and hedging pressure in the electricity futures market.

• Ewald, Christian Oliver; Haugom, Erik; Lien, Gudbrand; Song, Pengcheng & Størdal, Ståle (2021). Riding the Nordic German Power-Spread: The Einar Aas Experiment. Energy Journal. ISSN 0195-6574. 43(5), s. 51–70. doi: 10.5547/01956574.43.5.cewa. Fulltekst i vitenarkiv Vis sammendrag

  Inspired by the initial success and eventual failure of Einar Aas' trading strategy exploiting dynamical patterns in the spread between Nordic and German electricity futures, we investigate the question whether there is evidence for possible arbitrage from engaging in both markets simultaneously and the possibility of constructing a trading strategy that ultimately beats the markets. To do this, we first assess the risk premium and relevant Sharpe values for the two markets and observe significant differences. This is followed by a discussion as to how far the different risk premia and Sharpe values alone are evidence of arbitrage. The answer is, they are not. However, we then show that an intelligently chosen long-short strategy constructed in the Einar Aas spirit can generate a positive alpha in the CAPM sense, hence providing evidence of arbitrage.

• Størdal, Ståle; Lien, Gudbrand; Mydland, Ørjan & Haugom, Erik (2021). Effects of strong and weak non-pharmaceutical interventions on stock market returns: A comparative analysis of Norway and Sweden during the initial phase of the COVID-19 pandemic. Economic Analysis and Policy. ISSN 0313-5926. 70, s. 341–350. doi: 10.1016/j.eap.2021.03.009. Fulltekst i vitenarkiv Vis sammendrag

  In this paper, we examine the behaviour of stock market returns in Norway and Sweden during the early days of the COVID-19 pandemic. We test how the different government interventions chosen in Norway and Sweden, including restrictions such as school closures and travel prohibitions along with economic support, affected equity markets in both countries. Our dataset comprises a panel of data for Norway and Sweden over 221 trading days during the period 1 January to 5 November 2020. The result show that while non-pharmaceutical interventions had few or no effects on Norwegian stock market returns, they positively affected the stock market in Sweden, although the strength of this effect weakened with the increasing number of confirmed COVID-19 cases.

• Ewald, Christian Oliver; Haugom, Erik; Kanthan, Leslie; Lien, Gudbrand; Salehi, Pariya & Størdal, Ståle (2021). Salmon futures and the Fish Pool market in the context of the CAPM and a three-factor model. Aquaculture Economics & Management. ISSN 1365-7305. doi: 10.1080/13657305.2021.1958105. Fulltekst i vitenarkiv Vis sammendrag

  Futures on fresh farmed salmon traded at the Fish Pool market in Norway are analyzed in the context of the Capital Asset Pricing Model (CAPM) and a corresponding three-factor model where contracts are separated based on their maturities. Looking into 1 month; 6 months and 12 months contracts, we find that all alphas and most betas are statistically insignificant. We conclude that the CAPM equilibrium condition holds and that Salmon futures prices move largely uncorrelated with the market portfolio and therefore offer no systematic risk premium. The latter documents that Fish Pool futures should be considered as a pure hedging instrument rather than an investment asset.

• Størdal, Ståle; Lien, Gudbrand & Trømborg, Erik (2021). Impacts of infectious disease outbreaks on firm performance and risk: The forest industries during the COVID-19 pandemic. Journal of Risk and Financial Management. ISSN 1911-8066. 14(7). doi: 10.3390/jrfm14070318. Fulltekst i vitenarkiv Vis sammendrag

  We examine the financial performance of the forest products industry in the initial phase of the COVID-19 pandemic, employing data for publicly trading companies in the industry globally. We first examine the market investor reaction to the declaration of a pandemic by the World Health Organization (WHO) in March 2020 by conducting an event-study analysis. Then, we analyze medium-term changes in stock returns and their systematic risk by an econometric estimation of the capital asset pricing model. Our event-study analysis of the forest products industry shows that the forestry subsector was impacted more than the paper subsector when the WHO declared the pandemic. The effect was most prominent in North America. We find that the systematic risk for the forestry subsector tended to increase during 2020, until October. Again, this effect was most clear in North America. Conversely, the impact on the paper subsector was more stable.

• Størdal, Ståle; Dinh, Minh Thi Hong; Haugom, Erik & Lien, Gudbrand (2020). Norwegian stock market behaviour during the initial phase of the COVID-19 pandemic. Beta – Scandinavian Journal of Business Research. ISSN 0801-3322. 34(2), s. 207–221. doi: 10.18261/issn.1504-3134-2020-02-04. Fulltekst i vitenarkiv Vis sammendrag

  We employ the event study methodology and simple descriptive measures to examine the performance of the Norwegian stock market before and in the first three months after the implementation of the lockdown policy in March 2020. Most of the financial losses occurred before the lockdown decision was made. In general, price volatility has been higher since the lockdown compared to the prior period. The information technology sector has performed best in the post-lockdown period, whereas the energy and finance sectors have performed worst. However, the finance sector has had a significant recovery in the post-event period. Among the marketplaces, Oslo Axess performed best in the month following the lockdown and has also experienced less volatility than Oslo Børs. A noticeable finding is that companies with headquarters in Norway have rebounded far better than those with headquarters abroad in the post-lockdown period.

• Baardsen, Sjur; Lien, Gudbrand & Størdal, Ståle (2009). Profit Efficiency in Timber Supply: Marginalization and Other Relevant Influences. Forest Science. ISSN 0015-749X. 55(6), s. 524–532. Fulltekst i vitenarkiv Vis sammendrag

  The objective of tills article wits to explore how marginalization of revenues front timber sales relative to income from agriculture and employment affects profit efficiency (the ratio of actual profit to maximum obtainable profit). We also sought to identify and measure the effects of other relevant inefficiency factors. A translog profit. frontier function with all inefficiency module was estimated using a panel of 2.265 observations of 385 active Norwegian forest. owners for 1991-2004. We found that profit efficiency decreases as the revenues from timber sales fall relative to agricultural or wage income. Other factors decreasing the efficiency were logging distance (beyond what can be explained by logging costs), fragmentation of the forest property, and time. Factors increasing profit efficiency were experience (age). information (possession of a management. plan). and geographical location (centrality). Oil the basis of our results we make recommendations oil how forest owners can improve their profit. efficiency. We also suggest further developing and streamlining contract regimens as policy instruments for promoting efficiency. FOR. SCI. 55(6).524-532.

• Størdal, Ståle; Lien, Gudbrand & Baardsen, Sjur (2008). Analyzing determinants of forest owners' decision-making using a sample selection framework. Journal of Forest Economics. ISSN 1104-6899. 14(3), s. 159–176. doi: 10.1016/j.jfe.2007.07.001. Fulltekst i vitenarkiv Vis sammendrag

  A sample selection framework that simultaneously takes into account the two-step decision-making of forest owners (first whether or not to harvest, second the level of harvesting) is applied on representative cross-sectional data for forest properties and owners in Norway. Forest management plans, property size, forested area and income from agriculture are found to increase both the propensity to harvest and the harvesting levels. Income from engagement in other outfield-related productions and debt burden increase the propensity to harvest only, while increased age impact negatively on the harvesting decision. Wage income affects both propensities to harvest and harvesting levels negatively. The results suggest that other on-property productions may stimulate harvesting decisions, while off-property income impact harvesting decisions and levels negatively. (C) 2007 Elsevier GmbH. All rights reserved.

• Lien, Gudbrand; Hardaker, J.B.; Asheim, Leif Jarle & Størdal, Ståle (2007). Risk aversion and optimal forest replanting: A stochastic efficiency study. European Journal of Operational Research. ISSN 0377-2217. 181(3), s. 1584–1592. Fulltekst i vitenarkiv
• Mendes, Américo M.S. Carvalho; Størdal, Ståle; Adamczyk, Wodzimierz; Bancu, Delia; Bouriaud, Laura & Feliciano, Diana [Vis alle 11 forfattere av denne artikkelen] (2007). Forest owners’ organizations across Europe: Similarities and differences. I Niskanen, Anssi (Red.), Issues affecting enterprise development in the forest sector in Europe. University of Joensuu, Faculty of forestry. ISSN 9789524588522. s. 84–104. Fulltekst i vitenarkiv
• Størdal, Ståle; Lien, Gudbrand & Hardaker, J. Brian (2007). Perceived risk sources and strategies to cope with risk among forest owners with and without off-property work in eastern Norway. Scandinavian Journal of Forest Research. ISSN 0282-7581. 22, s. 443–453. doi: 10.1080/02827580701553701. Fulltekst i vitenarkiv Vis sammendrag

  This paper presents empirical insight into part-time and full-time property owners’ perceptions of risk and risk management strategies. In addition, the relationships between forest owners with varying degree of off-property work and property and forest owner characteristics, risk perceptions, risk management strategies and harvesting behaviour are examined. The data originate from a questionnaire responded to by forest owners in eastern Norway which were merged with 9 years of logging data. Timber price variability and institutional risks were perceived as primary sources of risk. Use of advisers from the forest owners’ association, buying personal insurance and off-property work were perceived as the most important ways to handle risk. The results show that off-property work affects to a lesser degree what forest owners perceived as important risk sources, but that risk perceptions affect to a stronger degree the ways in which risk was dealt with. The chosen risk management strategies influenced the forest owner's harvesting behaviour to some extent, but more research on the issue is needed to clarify the relationship. There was a positive relationship between owners with off-property activities and their performance as timber suppliers. Several measures, such as improved rural education, revision of some of the arrangements that regulate property mergers and support measures for increased on-property diversification may increase annual timber harvesting and reduce variability in harvesting level.

• Størdal, Ståle & Baardsen, Sjur (2007). Rammevilkår for skogsektoren. I Berger, Sune; Forsberg, Gunnel & Ørbeck, Morten (Red.), Inre Skandinavien - en gränsregion under omvandling. Karlstad University Press. ISSN 9789185335879. s. 149–158. Fulltekst i vitenarkiv
• Lien, Gudbrand; Størdal, Ståle & Baardsen, Sjur (2007). Technical efficiency in timber production and effects of other income sources. Small-scale Forestry. ISSN 1873-7617. 6(1), s. 65–78. doi: 10.1007/s11842-007-9005-3. Fulltekst i vitenarkiv Vis sammendrag

  In Norway, as in many other European countries, income from forestry has become marginal to owners? household economies and most employment of forest-owner households is now undertaken off the property. Also, many forest owners have focused increasingly on other revenue-earning activities on their properties, such as providing recreational services. It is a challenge in all kinds of production to find the optimal way of converting inputs into outputs, i.e., to be technically efficient. Extent of financial dependency on income from forestry differs between part-time and full-time forest owners. Since the two groups have different livelihood strategies, it is plausible that full-time forest owners have more professional forest management practices. Data for a cross-section of 3,249 active (i.e., harvesting) forest owners were extracted from the 2004 Sample Survey of Agriculture and Forestry representing the year 2003. A stochastic production frontier analysis was applied to evaluate forest management efficiency impacts of important factors including property and owner characteristics, outfield-related and agricultural activities, off-property income and geographical location in central or remote areas. It was found that many forest owners are technically inefficient, and there exist opportunities for improved performance. Off-property income was found to have an estimated negative impact on technical efficiency, the inefficiency arising (weakly) with increasing share of household incomes from outfield activities, and properties in urban centred areas are less efficient than those in remote areas. One policy implication of the study is that a potentially substantial efficiency increase might be achieved from allowing small inefficient woodlots to merge into larger units of forestry production. Also, providing support for forest management plans may improve efficiency.

• Lunnan, Anders; Størdal, Ståle; Barstad, Johan; Nyrud, Anders Qvale & Vennesland, Birger (2005). Forest Sector Entrepreneurship in Europe: Country Studies Norway, Acta Silvatica & Lignaria Hungarica. Forestry Commission of the Hungarian Academy of Sciences. s. 485–508. Fulltekst i vitenarkiv Vis sammendrag

  Up to ca. 1960, the forest sector was the largest export sector in Norway. Since then its importance has decreased, until in 2003 the export value totalled only 2,5 % of the export sector. The import of forest products constituted a relatively higher share of the total import value than the export (about 3,3%). Pulp and paper, mainly newsprint, is the most important export product. The annual cut has declined 30 per cent over the last decade and in 2003 totalled about 7.5 million cubic metres. The reasons for this decline are not fully understood, but changes in ownership structure, low unemployment rates and good job opportunities outside of the forest sector and the abolition of cost-share programs are certainly some of the explanation. Private non industrial owners own 78,5 % of the forest area and the average size of a forest property is 57 hectares. Almost all fellings are certified, and there is an intensive ongoing debate on the need for protection of a larger forest area. There is a large potential for developing non-wood products and services, and the forest owners association have companies and organisations dealing with this. There is a demand from both domestic and foreign customers for non-wood products and services but the cooperation with the domestic tourist industry still has to be improved to coordinate this effectively. There is a weak entrepreneurship culture in the forest products industry, with a few regional exceptions. The culture is mainly production oriented and market competence and international orientation is needed. Compared with other industries in Norway the level of education is low in the forest products industry. A large public program was started in 2002 to stimulate innovation and competence building activities in the forest products sector.

• Størdal, Ståle & Adams, Darius M. (2005). Testing for variation in the western Oregon log price structure. Canadian Journal of Forest Research. ISSN 0045-5067. 35(3), s. 713–723. doi: 10.1139/x05-008. Fulltekst i vitenarkiv
• Størdal, Ståle (2004). Efficient timber pricing and purchasing behavior in forest owners’ associations. Journal of Forest Economics. ISSN 1104-6899. 10(3), s. 135–147. doi: 10.1016/j.jfe.2004.07.003. Fulltekst i vitenarkiv
• Størdal, Ståle; Lein, Kristian; Ørbeck, Morten & Hagen, Svein Erik (2004). Regional differences in harvesting levels and wood-based employment in Norway. Small-scale Forest Economics, Management and Policy. ISSN 1447-1825. 3(1), s. 35–47. doi: 10.1007/s11842-004-0003-4. Fulltekst i vitenarkiv
• Størdal, Ståle (2004). Impacts of the European Economic Area Agreement on the structure and concentration of roundwood sales in Norway. Forest Policy and Economics. ISSN 1389-9341. 6(1), s. 49–62. doi: 10.1016/S1389-9341(02)00081-3. Fulltekst i vitenarkiv
• Størdal, Ståle & Baardsen, Sjur (2003). An econometric analysis of differences in stumpage values using micro-level harvesting data. I Helles, Finn; Strange, Niels & Wichmann, Lars (Red.), Recent Accomplishments in Applied Forest Economics Research. Springer. ISSN 9789048162215. s. 63–72. doi: 10.1007/978-94-017-0279-9_5. Fulltekst i vitenarkiv Vis sammendrag

  This paper proposes a framework, utilising micro-level harvesting data, that analyses stumpage values with respect to regions, seasons and harvesting size and decomposes differences between regions. Due to the thick-tailed distribution of the data and the presence of heteroscedasticity, the paper gives a comparison of ordinary least squares regression with an iterative weighted least squares (IWLS) estimator and a multiplicative heteroscedastic model. The results underline the importance of taking sample properties into account and support the use of the robust IWLS estimator. There were significant differences in stumpage values over regions with respect to both the characteristics of the timber and the valuation of the different grades. There were no seasonal differences in stumpage value, but the results indicate a significant but minimal loss from the decreasing size of the harvests.

• Størdal, Ståle & Nyrud, Anders Qvale (2003). Testing roundwood market efficiency using av multivariate cointegration estimator. Forest Policy and Economics. ISSN 1389-9341. 5(1), s. 57–68. doi: 10.1016/S1389-9341(02)00015-1. Fulltekst i vitenarkiv Vis sammendrag

  This study develops a framework for testing roundwood market efficiency. The analysis is carried out on the Norwegian sawlog market. Using Johansen’s multivariate cointegration estimator three systems were estimated: (I) Domestic, imported, and exported sawlogs; (II) Domestic pulpwood and sawlogs; and (III) Lumber exports/imports and domestic sawlogs. Cointegrating relations were found in all three systems, indicating the presence of a common stochastic trend within each model. The Law of One Price and weak exogeneity were tested on all systems. The Swedish sawlog market was found to impact price formation in the Norwegian market. It is concluded that the Norwegian sawlog market is functioning adequately.

• Størdal, Ståle & Baardsen, Sjur (2002). Estimating price taking behavior with mill-level data: the Norwegian sawlog market, 1974-1991. Canadian Journal of Forest Research. ISSN 0045-5067. 32, s. 401–411. doi: 10.1139/x01-203. Fulltekst i vitenarkiv Vis sammendrag

  A five input transcendental logarithmic (translog) cost function and a set of conditional input demand functions, which were extended to include a conjectural elasticity term, were analyzed. The analysis was based on data covering individual Norwegian sawmills over the period 1974–1991. The presence of mill-level data allowed us to test cross-sectional effects as well as intertemporal effects. Under the assumption of cost minimization, price-taking behavior was rejected for the years 1982 and 1984–1991. There was no variation of the conjectural elasticity over regions, but the use of market power increased after the price negotiations were brought from the national to regional levels. The necessity of having information on sawlog purchases and market areas to conclude on welfare effects is explained. This analysis also contributes to explain the post-1992 period, where the Norwegian sawlog market has experienced several structural changes.

• Størdal, Ståle & Baardsen, Sjur (2000). Concentration and market power in the Norwegian sawlog market 1974-1991. Scandinavian Forest Economics. ISSN 0355-032X. 38, s. 1–10. Fulltekst i vitenarkiv Vis sammendrag

  The aim of the paper is to study concentration and market power in the Norwegian sawlog market. The analysis is based on observations of the full record of individual Norwegian sawmills over the period 1974-1991. The paper first presents some stylized facts and common indices of concentration. The findings suggest that there have been fairly any changes in concentration during the period studied. We then test for oligopsony power by estimating a translog cost function adding a constant elasticity term. Our results suggest that, for the example period considered, the Norwegian sawmill industry may be characterized as non-competitive in the sawlog market.

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• Ewald, Christian Oliver; Haugom, Erik; Størdal, Ståle & Westgaard, Sjur (2025). Foreword. Special Issue of Quantitative Finance on ‘Business Analytics in Banking and Finance’. Quantitative finance (Print). ISSN 1469-7688. 25(11), s. 1675–1677. doi: 10.1080/14697688.2025.2590946. Fulltekst i vitenarkiv Vis sammendrag

  This special issue of Quantitative Finance on ‘Business Analytics in Banking and Finance’showcases ten articles that exemplify this transformation. Collectively, they demonstrate how statistical innovation, computational modeling, and data-driven insight are reshaping financial theory and practice. The contributions range from methodological advances in machine learning and stochastic modeling to applications in commodity markets, credit risk, and sustainable finance. The unifying theme is the use of business analytics—broadly understood as the integration of data, models, and technology—to address complex challenges in modern financial systems.

• Lien, Gudbrand; Størdal, Ståle & Kumbhakar, Subal Chandra (2023). Do Norwegian farmers over- or under-invest? Fulltekst i vitenarkiv
• Størdal, Ståle & Lien, Gudbrand (2022). Grytten-utvalget: Ambisjonen burde vært å sammenligne «epler med epler». Fulltekst i vitenarkiv
• Størdal, Ståle & Lien, Gudbrand (2022). Forrentning av kapital og arbeidsvederlag i jordbruket. Fulltekst i vitenarkiv
• Størdal, Ståle; Lien, Gudbrand & Baardsen, Sjur (2007). Lite aktivt skogbruk. s. 1–1. Fulltekst i vitenarkiv
• Nyrud, Anders Q. & Størdal, Ståle (2002). The role of commodity homogeneity and transportation costs in market integration analyses. Fulltekst i vitenarkiv Vis sammendrag

  Integration of roundwood markets is frequently investigated by testing the maintained hypothesis of The Law of One Price on prices of different geographic origin. Data on transaction costs are usually not available, these costs are either assumed captured through a constat term, or not taken into consideration. In the present study Te Composite Commodity Theorem is used to assess the impact of transportation costs on integration of regional sawlog prices in Norway. The results indicate that transportation costs were of little importance when investigating market integration.

• Størdal, Ståle & Baardsen, Sjur (2002). An econometric analysis of differences in stumpage values using micro-level harvesting data. Fulltekst i vitenarkiv
• Størdal, Ståle & Ørbeck, Morten (2001). Struktur og konsentrasjon i norsk tømmeromsetning etter ESA-vedtaket. Landbruksøkonomisk forum. ISSN 0800-5974. 18(4), s. 5–16. Fulltekst i vitenarkiv
• Størdal, Ståle & Baardsen, Sjur (2000). Concentration and Market Power in the Norwegian Sawlog Market 1974-1991. Fulltekst i vitenarkiv
• Størdal, Ståle (1996). Markedsbaserte omsetningssystemer for tømmer. Landbruksøkonomisk forum. ISSN 0800-5974. 13(4), s. 53–65. Fulltekst i vitenarkiv
• Størdal, Ståle (2008). Omgivelser, status og utviklingstrekk – Skogbaserte næringer i Norge, Sverige og Finland. Østlandsforskning. Fulltekst i vitenarkiv
• Langerud, Bjørn; Størdal, Ståle; Wiig, Halfdan & Ørbeck, Morten (2007). Bioenergi i Norge – potensialer, markeder og virkemidler. Østlandsforskning AS. ISSN 9788273566195. Fulltekst i vitenarkiv
• Størdal, Ståle; Lein, Kristian & Kristoffersen, Jarle (2006). Rammebetingelser for skogbaserte næringer i Norden. Østlandsforskning. Fulltekst i vitenarkiv
• Størdal, Ståle; Lien, Gudbrand & Baardsen, Sjur (2006). Skogeiernes beslutningsatferd. Østlandsforskning AS. ISSN 9788273566027. Fulltekst i vitenarkiv
• Størdal, Ståle & Lien, Gudbrand (2005). Kunde- og leverandørtilpasset omsetning av tømmer - En diskusjon om virkemidler og bonusordninger i norsk tømmeromsetning med resultater fra en undersøkelse blant medlemmer i Mjøsen skogeierforening. Østlandsforskning AS. ISSN 9788273565648. Fulltekst i vitenarkiv
• Størdal, Ståle (2004). Småskala sagbruksvirksomhet i Norge. Østlandsforskning. Fulltekst i vitenarkiv
• Grimsrud, Gro Marit; Hagen, Svein Erik; Kristoffersen, Ståle B; Størdal, Ståle; Teigen, Håvard & Ørbeck, Morten (2004). Østerdalene. Sluttrapport fra forskningsprosjektet ”Bortafor Ånestadkrysset. En studie av regional utvikling i Indre Østlandet. Østlandsforskning AS. ISSN 9788273565433. Fulltekst i vitenarkiv
• Størdal, Ståle (2003). Konsekvenser av å innføre fritak for el-avgift for all næringsvirksomhet. Østlandsforskning. Fulltekst i vitenarkiv
• Størdal, Ståle (2003). Biobrensel i Norge: marked, potensial og barrierer. Østlandsforskning. ISSN 9788273565266. Fulltekst i vitenarkiv
• Størdal, Ståle (2002). The economics of timber sales - studies of the Norwegian roundwood market. Norges landbrukshøgskole. ISSN 9788257505363. Fulltekst i vitenarkiv Vis sammendrag

  The principal objective of this thesis is to provide a basis for improvement of timber sales practices by adding new knowledge of the Norwegian roundwood market with emphasis on sawlogs. The thesis aims to extend previous studies of roundwood markets by tying traditional analyses more closely up to analyses of how contracts may be used in order to secure an efficient timber supply. In addition to an introductory report, the thesis contains of five self-contained studies focusing on different aspects of the Norwegian roundwood market. The first three papers are empirical analyses of the Norwegian roundwood market, while the other two papers consider the heterogeneity of forest owners and how to utilize contracts in order to improve the efficiency. The last few years the market has been found to function adequately, although the demand side has become even more highly concentrated. Improvements seem to lie in the use of contracts to ensure an efficient supply of timber. The advances in the economics of incentives are put forward as possible tools to improve the efficiency.

• Størdal, Ståle & Ørbeck, Morten (2001). Endringer i konsentrasjon og markedsforhold i det norske tømmermarkedet etter ESA-vedtaket. Østlandsforskning. Fulltekst i vitenarkiv
• Lein, Kristian; Størdal, Ståle; Hesjadalen, Magnar; Økseter, Petter; Hanssen, Tone Maria & Vaagen, Kjell [Vis alle 7 forfattere av denne artikkelen] (2001). Regionfelt Østlandet : temautredning landbruk. Østlandsforskning. ISSN 9788273564856. Fulltekst i vitenarkiv Vis sammendrag

  Rapporten tar for seg konsekvenser for landbruket, herunder utmarksnæringer, som følge av etableringen av Regionfelt Østlandet (RØ) og Østerdal Garnison. RØ er 192 000 daa og det produktive skogarealet i feltet utgjør 13 prosent av Åmot kommunes skogareal. Når Forsvaret overtar vil det ha effekter både for grunneiere og skognæringen i kommunen. Disse virkningene er i stor grad avhengig av det makeskiftet som vil bli gjennomført. Det må imidlertid påregnes at næringsmiljø og verdiskapning vil bli påvirket negativt ved at hogstkvantaene i kommunen vil gå ned etter at feltet er anlagt. Utmarksnæringer, spesielt i form av jakt, fiske og private hytter, kan bli rammet både ved arealinngrep og støy. Fisket i Renaelva er spesielt utsatt ettersom Ingeniørvåpenet vil legge øvingsaktivitet dit. Støy kan gi næringsmessige effekter i flere kommuner. Likevel er Åmot spesielt utsatt, og da særlig i forhold til bygging og ringvirkninger av private hytter. I tillegg til konkrete effekter kan usikkerhet som RØ skaper hemme utviklingstiltak, nyskaping og kommersialisering av utmarksressurser. Jordbruket blir primært påvirket ved at setre som ligger i RØ må flyttes, det samme gjelder dyr som går på beite i RØ

• Størdal, Ståle (1997). Trelastindustrien i Hedmark og Oppland – en kartlegging. Østlandsforskning. Fulltekst i vitenarkiv
• Størdal, Ståle (1997). Trelastindustrien i Hedmark og Oppland – Status og utviklingstrekk. Østlandsforskning. Fulltekst i vitenarkiv
• Størdal, Ståle & Ørbeck, Morten (1996). Bioenergi i treforedlingsindustrien. Østlandsforskning. Fulltekst i vitenarkiv
• Størdal, Ståle & Ørbeck, Morten (1996). Skogflis til energiformål. Østlandsforskning. Fulltekst i vitenarkiv
• Størdal, Ståle; Ørbeck, Morten & Hesthagen, Nils (1996). . Ørbeck, M., S. Størdal, Hesthagen, N. 1996. Trelastindustrien som energiprodusent, -bruker og leverandør. Tilleggsutredninger. Østlandsforskning. Fulltekst i vitenarkiv
• Størdal, Ståle; Ørbeck, Morten & Hesthagen, Nils (1996). Trelastindustrien som energiprodusent, – bruker og – leverandør. Østlandsforskningjavascript:document.vaform.aksjon.value='lagreVitenskapeligarbeid'; document.vaform.submit();. Fulltekst i vitenarkiv

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