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Buyer and Seller Behavior in Single-Buyer Stumpage Sales

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While stumpage sales involving a single buyer are commonly observed, we have no evidence that lack of buyer competition will, in and of itself, result in different stumpage prices. Nor do we have an explanation why such sales continue to be made in markets where stumpage owners can instigate buyer rivalry. Finally we have no theory explaining how buyers decide what to bid when direct competition from other buyers is not present. This paper addresses these three issues. We offer evidence that price differences can exist between single-buyer and multiple-buyer sales. We show why it can be economically rational for nonindustrial private forest owners to conduct single-buyer sales. And we offer a theoretical explanation of buyer bid and owner bid-acceptance decisions in single-buyer sales that is consistent with some previously observed relationships between stumpage prices and owner characteristics. For. Sci. 40(4):759-773.
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Keywords: NIPF landowners; Stumpage sales; asymmetric information; bidding; forester assistance; risk; timber supply; utility maximization

Document Type: Journal Article

Affiliations: Department of Agricultural Economics, University of California, Davis, California 95616

Publication date: 1994-11-01

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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