This study investigates the supply and demand structure of the hardwood stumpage market in the South Central United States for the period 1981-1996. Three stage least squares regression is used to estimate parameters in a simultaneous equations model of pulpwood and sawtimber stumpage markets for mixed hardwoods, oak, and total hardwoods. Stumpage prices are generally non-significant. Hardwood ...

Abstract We examined timber price trends along the Mississippi roundwood supply chain. Quarterly statewide data from Timber Mart-South for pine sawtimber, pulpwood, mixed hardwood and pulpwood were obtained covering 1992 to 2018. Prices stumpage, delivered logs, conversion—measured as difference between wood stumpage—were analyzed across products 27-year series, well three equally spaced 9-year...

In resource accounting, shadow prices of natural resources and environmental effects should be used as the social marginal value of goods. Since it is difficult to measure shadow prices in practice, market prices are often used as proxies for shadow prices. A prerequisite for the use of these proxies is that there is an established relationship between size of the natural resource stock of inte...

The British Columbian Ministry of Forests proposed an auction design to achieve fair market prices for its standing timber. Because the Crown owns almost all the standing timber in British Columbia, the Ministry proposed to auction a portion of that timber, and use the auction prices to set stumpage rates for timber under long-term tenure. In this manner, the private industry, and not the Crown...

Catastrophic shocks to existing stocks of a renewable resource can cause long-run price shifts. With timber, these long-run price shifts may be accompanied by a short-run price drop due to salvage. Hurricane Hugo damaged 20% of southern pine timber in the South Carolina Coastal Plain in 1989. To estimate the shortand long-run effects of the hurricane on the prices of timber stocks, we estimated...