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A Derived Demand Approach to Estimating the Linkage between Stumpage and Lumber Markets

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Derived demand concepts were used to develop a general statement of the relationship between the elasticity of demand in the product market and the elasticity of demand in the factor market. When this general statement was applied to forestry data, the derived demand function for stumpage was found to be less elastic than the lumber demand function. Regional estimates of this relationship were found to differ widely with the South being more elastic than the West. Forest Sci. 23:281-288.
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Keywords: Market analyses; market prices (lumber); market prices (stumpage); policy (forest product industry); price theory; supply/demand (forest products)

Document Type: Journal Article

Affiliations: Economist, Pacific Northwest Forest and Range Experiment Station, Forest Service, U.S. Department of Agriculture, Portland, Oregon 97208

Publication date: 1977-06-01

More about this publication?
  • Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2016 Impact Factor: 1.782 (Rank 17/64 in forestry)

    Average time from submission to first decision: 62.5 days*
    June 1, 2016 to Feb. 28, 2017

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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