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Stumpage Prices in Southwestern Ontario: A Hedonic Function Approach

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Abstract:

Timber used in the production of lumber in Southwestern Ontario varies in a number of characteristics, and the lump-sum stumpage price is expected to reflect differences in those characteristics. When heterogeneous inputs are used in production, the hedonic price function approach may be used to estimate marginal implicit values of the various input characteristics. Hedonic price functions were estimated for timber in Southwestern Ontario using pooled time-series cross-section data from a large sample of timber sales. The results indicate that volume, species composition, tree size, timber quality and distance to the purchasing mill all affect lump-sum stumpage prices. Estimates of the contributions that each of these characteristics makes to stumpage prices are presented. The estimated hedonic model was tested by comparing the model's forecasts of stumpage prices with forecasts made by personnel from the Ministry of Natural Resources. For. Sci. 36(4):1119-1132.

Keywords: Stumpage; hedonic price; stumpage value

Document Type: Journal Article

Affiliations: Professor, Dept. of Agricultural Economics and Business, University of Guelph, Guelph, Ontario, Canada N1G 2W1

Publication date: December 1, 1990

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