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An Econometric Analysis of the Southern Softwood Stumpage Market: 1950-1980

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This paper presents an aggregate regional model of the southern softwood solidwood (combined lumber and plywood) and pulpwood stumpage markets. The derivation of stumpage supply includes direct substitution possibilities by stumpage producers. The derivation of stumpage demand follows a profit maximization framework and includes the effects of input substitution as well as production capacity. Three-stage least squares regression techniques provide simultaneous parameter estimation of the market system. Solidwood stumpage is a complement in production with pulpwood; however, in solidwood production, an asymmetrical relationship exists as pulpwood is a substitute good. With respect to demand, solidwood stumpage responds to a greater extent to changes in final good price than does pulpwood. For. Sci. 33(4):932-945.
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Keywords: Regional supply and demand; market equilibrium

Document Type: Journal Article

Affiliations: Visiting Assistant Professor of Forest and Resource Economics at the School of Forestry and Environmental Studies, Duke University, Durham, NC 27706

Publication date: 1987-12-01

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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