The Value of Information Services in a Market for Factors of Production with Multiple Attributes: The Role of Consultants in Private Timber Sales
Abstract:The value of information services is incorporated into a hedonic pricing model in the context of private timber sales, where forestry consultants are often hired by landowners selling their timber. A data set containing detailed information on a sample of private sales is used to estimate the effects on bid prices of hiring a consultant. The estimated effects, using an estimation procedure that corrects for the statistical shortcomings of a simple OLS model, indicate that on average the increased price on consultant sales is approximately equal to the prices consultants charge for their services. For. Sci. 40(3):474-496.
Document Type: Journal Article
Affiliations: Department of Agricultural Economics and Economics, Montana State University, Bozeman, MT 59717-0292
Publication date: 1994-08-01
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- 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.
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