The impact of timber-sale tract, policy, and administrative characteristics on state stumpage prices: An econometric analysis

Brown, Ross N.; Kilgore, Michael A.; Coggins, Jay S.; Blinn, Charles R.

doi:10.1016/j.forpol.2011.10.001

Cited by 24 publications

(17 citation statements)

References 24 publications

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“…Price seasonality was also affected by the results of auctions conducted on an ongoing basis on the "e-drewno" portal as well as demand from individual customers purchasing timber at higher prices as compared to large enterprises. The sale of timber from October to December commands higher prices than sales from April to June; and the volume of timber harvested in wintertime is the highest [39,65]. It has been reported from Turkey that in spring and summer timber prices are higher in those regions where harvesting and haul are possible only in summertime, while in other regions prices increase during winter [66].…”

Section: Discussionmentioning

confidence: 99%

The Application of Time Series Decomposition for the Identification and Analysis of Fluctuations in Timber Supply and Price: A Case Study from Poland

Banaś

Kożuch

2019

Forests

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The objective of the study was to verify the applicability and usefulness of time series decomposition in analyzing the variability of timber prices and supply in Poland. The employed multiplicative model was the product of four components: cyclical, seasonal, and irregular fluctuations and the long-term trend. The elements of the time series were determined by means of the Census X11 method, while cyclicality was separated from the trend employing the Hodrick–Prescott filter. Data included quarterly information about the supply (volume) and prices (value) of the timber sold by the State Forests in the years 2005–2018. Analyses were performed for tree species with the greatest economic significance, that is, pine, oak, spruce, beech, birch, and alder, and for their most popular assortments: general purpose large-diameter timber (W0) and medium-diameter timber (S2A). Time series decomposition of quarterly timber production volume and prices revealed irregular, seasonal, and cyclic fluctuations. Within an annual time horizon, irregular fluctuations accounted on average for 6.7% and 28% of overall variability in timber prices and supply, respectively; they exhibited low amplitudes (+5%, −25%, respectively). Cyclical fluctuations were primarily found for prices and were characterized by substantial variations in cycle length (2–4 years) and change amplitude (3–27 Euros). Cyclical fluctuations in timber prices and supply were usually negatively correlated with each other: the upper turning points of price cycles fell near the lower turning points of supply cycles (with a shift of 1 to 3 quarters). The seasonality of prices was also inversely correlated with supply: quarters with low supply exhibited higher prices and vice versa. Seasonal fluctuations were more pronounced for timber supply (36%) as compared to timber prices (20.3%). Different seasonality patterns were found for hardwood and softwood. The lowest supply of softwood was found in the first quarter and the highest in the third quarter (spruce) or fourth quarter (pine). The supply of hardwood was the highest in the first quarter and the lowest in the third quarter.

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Section: Discussionmentioning

confidence: 99%

The Application of Time Series Decomposition for the Identification and Analysis of Fluctuations in Timber Supply and Price: A Case Study from Poland

Banaś

Kożuch

2019

Forests

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“…Some studies suggest that factors such as harvestable volume density (e.g. Huebschmann et al 2004;Brown et al 2012), total sale area (Buongiorno and Young 1984;Sydor and Mendell 2008) and the volume or diameter of the trees (e.g. Niquidet and van Kooten 2006;Sydor and Mendell 2008) influence stumpage prices, while others (Mey Huang and Buongiorno 1986;Sendak 1992;Leefers and Potter-Witter 2006) found that these factors had no significant effect on stumpage prices.…”

Section: Introductionmentioning

confidence: 99%

Effects of sale-specific factors on stumpage prices in Finland

Kolis¹,

Hiironen²,

Ärölä³

et al. 2014

Silva Fenn.

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Highlights • Data on 4824 individual sales were used to estimate which factors affect stumpage prices. • The time of sale, seasonal harvest restrictions, the location and the assortment affected prices. • Larger total volumes and shorter forest haulage distances raised unit prices. • A higher percentage of the assortment and percentage of sawlogs within the sale corresponded to higher prices.

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“…Management of these lands requires consideration of the responsibility to generate revenue for the purpose of helping to fund education, as well as the need to produce other environmental (e.g., enhanced wildlife habitat and improved water quality) and social (e.g., recreational opportunities and support of wood-based industries) benefits (Brown et al 2012a). Given this broad array of land management responsibilities, a state's timber sale program plays a key role in achieving the fiduciary and resource management obligations associated with state-administered forests.…”

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confidence: 99%

“…Various factors influence a tract's bid prices, including tract-specific characteristics such as total timber volume, species composition, and distance from a mill (MacKay and Baughman 1996, Kilgore and Blinn 2005, Brown et al 2012a). Contract-specific factors such as seasonal restrictions on harvesting, contract length, and environmental regulations also influence bid price.…”

mentioning

confidence: 99%

“…Contract-specific factors such as seasonal restrictions on harvesting, contract length, and environmental regulations also influence bid price. For example, Brown et al (2012a) found that bid price increased 4% for each additional year on the contract for state timberland in Minnesota from 2001 to 2006. Further, buyers often have a higher willingness to pay for contracts that allow summer harvesting (Brown et al 2012a) and for those that do not include excessive harvesting regulations or constraints (Dahal and Mehmood 2005).…”

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confidence: 99%

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A Comparison of Lake States Logger and Forester Perceptions of Ideal State Timber Tract Characteristics

Kueper¹,

Blinn²,

Kilgore³

2014

Forest Science

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Through a mail survey, we contrasted Department of Natural Resources (DNR) forester perceptions of what loggers consider to be the "ideal" timber sale with loggers' actual preferences concerning timber sale characteristics in the Lake States. Lake States DNR foresters were able to predict with reasonable accuracy tract characteristics that were most important to loggers, as well as the preferred number of markets and contract length. However, foresters somewhat overestimated loggers' preferred tract size and volume for state timber sales. Fidelity to a state's conventional timber sale auction method was high among loggers, with slight deviations in Michigan and Wisconsin. However, a substantial number of Michigan and Minnesota loggers expressed a preference for the less commonly offered payment method in their state, and few foresters in these states were aware of this preference. These findings contribute to our understanding of logger bidding preferences and suggest areas of consideration for state timber sale program administrators that may help ensure the continued success of their programs.

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The impact of timber-sale tract, policy, and administrative characteristics on state stumpage prices: An econometric analysis

Cited by 24 publications

References 24 publications

The Application of Time Series Decomposition for the Identification and Analysis of Fluctuations in Timber Supply and Price: A Case Study from Poland

The Application of Time Series Decomposition for the Identification and Analysis of Fluctuations in Timber Supply and Price: A Case Study from Poland

Effects of sale-specific factors on stumpage prices in Finland

A Comparison of Lake States Logger and Forester Perceptions of Ideal State Timber Tract Characteristics

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