This paper presents a dynamic model of the Texas pine pulpwood stumpage market. The analysis incorporates profit maximization of the demand side with utility maximization on the supply side to analyze short-run market behavior. The model is estimated using a ridge regression form of three-stage least squares to redress the problems associated with degrading collinearity. Multipliers are then constructed to predict the short- and long-run equilibrium impacts of supply and demand determinants on pulpwood quantity and price. For. Sci. 38(3):652-660.