The Analysis of Pine Stumpage Prices Based on Timber Sale Characteristics of the Southern United States

Kim, Hojung; Cieszewski, Chris J.

doi:10.7747/jfes.2015.31.1.38

Cited by 2 publications

(1 citation statement)

References 13 publications

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“…Their findings revealed the impacts of seasonal harvest restrictions, sales volumes, timber assortment, and forest damage on stumpage prices. Kim et al [38], who analyzed the relationship between pine stumpage prices and associated sales characteristics, found that increases in these prices corresponded to increases in the sales volumes, contract length, bid sales, and the number of bidders. Moreover, a positive relationship existed between higher timber grades and better market and logging conditions and stumpage prices.…”

Section: Introductionmentioning

confidence: 99%

An Assessment of Stumpage Price and the Price Index of Chinese Fir Timber Forests in Southern China Using a Hedonic Price Model

Chen

Hong

et al. 2020

Forests

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Research Highlights: Stumpage price is the most important factor affecting the value of forests. Therefore, an understanding of the factors affecting stumpage prices and trends is critical for effective forest management. Background and Objectives: Chinese fir is the most important fast-growing timber species in China, it is also the tree species with the largest trading volume in the stumpage markets of Southern China. The aim of this study was to analyze the determinants and trends of stumpage prices for Chinese fir timber forests. Materials and Methods: Data on 928 sales of Chinese fir timber forests transacted between 2007 and 2016 were gathered from the stumpage markets in Southern China. We analyzed the relationship between stumpage prices and sales characteristics using the hedonic price method (HPM) and measured the stumpage price index with a dummy time hedonic index. Results: (1) The double logarithmic form of the HPM yielded a more accurate estimate than the semi logarithmic form. The R2ad values in the nine annual prediction models were all above 80%. Stock volume made the greatest contribution to stumpage price, followed by stand age. Stand area had no significant impact on the stumpage price. (2) Stumpage prices of Chinese fir timber forests fluctuated greatly, especially in 2010 and 2015 when the sequential price indexes were 180.01% and 74.95%, respectively. Taking 2007 as the baseline, we calculated the base price index in 2016 to be 197%, with an average annual growth rate of 7.82%. (3) The stumpage market was associated with a higher degree of risk than the timber market. Conclusions: Our findings provide valuable inputs that can guide and facilitate the Chinese government’s efforts to optimize resource allocation and standardize the stumpage market.

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Section: Introductionmentioning

confidence: 99%

An Assessment of Stumpage Price and the Price Index of Chinese Fir Timber Forests in Southern China Using a Hedonic Price Model

Chen

Hong

et al. 2020

Forests

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The Seasonal Fluctuation of Timber Prices in Hyrcanian Temperate Forests, Northern Iran

Vaezin

Juybari

Sadeghi

et al. 2022

Forests

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Seasonal fluctuations play an important role in the pricing of a timber sale. A good understanding of timber price mechanisms and predictability in the timber market would be very practical for forest owners, managers, and investors, and is crucial for the correct functioning of the timber sector. This research aimed to analyze the effect of sale season on timber (sawlog and lumber) prices of high-value species groups (e.g., oriental beech, chestnut-leaved oak, common alder, velvet maple, and common hornbeam) in the Hyrcanian temperate forests (Northern Iran). The data were collected from official sale documents of the Azarroud Forestry Plan from 1992 to 2015. The relevant data of 592 sale lots at forest roadside were extracted into a data set. Then, the average timber prices (sawlog and lumber) per season/year in quarterly frequency were calculated. In doing so, two-time series of seasonal prices for the sawlog and lumber was obtained. The stationarity of the time series was statistically verified using the augmented Dickey–Fuller test. The effect of sale seasons on timber price was first analyzed using multiple linear regression analysis dummy variables. The results showed that autumn and summer have a significant positive effect on timber prices of 6.5% and 6.1%, respectively. Additionally, the decomposition of time series results showed that the highest prices of the sawlog and lumber were in quarter 3 and quarter 2, respectively, due to an increase in construction activities that picked up in the autumn season. Information about potential price fluctuations will be plausible and allow suppliers and users of sawlogs to adjust their supply and demand. This valuable information can be used in marketing and strategic forest management planning for Hyrcanian temperate forests and other temperate countries with similar conditions.

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The Analysis of Pine Stumpage Prices Based on Timber Sale Characteristics of the Southern United States

Cited by 2 publications

References 13 publications

An Assessment of Stumpage Price and the Price Index of Chinese Fir Timber Forests in Southern China Using a Hedonic Price Model

An Assessment of Stumpage Price and the Price Index of Chinese Fir Timber Forests in Southern China Using a Hedonic Price Model

The Seasonal Fluctuation of Timber Prices in Hyrcanian Temperate Forests, Northern Iran

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