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Quality Adjusted Price Indices For Douglas-Fir Timber

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  • Brannman, Lance
  • Buongiorno, Joseph
  • Fight, Roger

Abstract

The purpose of this paper is to determine if there have been systematic changes in the characteristics of Douglas-fir stumpage sold on National Forests in the Pacific Northwest that would significantly bias the price of stumpage. Four hedonic methods were used to develop indices of pure price change holding stumpage characteristics constant. None indicated a significant trend in quality over the period 1968 to 1978. Quality differences, however, appeared to play a role in the year-to-year price changes. The advantage and inconveniences of each indexing method and their use for various purposes are discussed.

Suggested Citation

  • Brannman, Lance & Buongiorno, Joseph & Fight, Roger, 1981. "Quality Adjusted Price Indices For Douglas-Fir Timber," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 6(2), pages 1-14, December.
    • Handle: RePEc:ags:wjagec:32572
    DOI: 10.22004/ag.econ.32572
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    References listed on IDEAS

    as
    1. Palmquist, Raymond B, 1980. "Alternative Techniques for Developing Real Estate Price Indexes," The Review of Economics and Statistics, MIT Press, vol. 62(3), pages 442-448, August.
    2. Brian J. L. Berry & Robert S. Bednarz, 1975. "A Hedonic Model of Prices and Assessments for Single-Family Homes: Does the Assessor Follow the Market or the Market Follow the Assessor?," Land Economics, University of Wisconsin Press, vol. 51(1), pages 21-40.
    3. Richard W. Haynes, 1979. "A Comparison of Open and Set-Aside Timber Sales on National Forests in the Douglas-Fir Region," Land Economics, University of Wisconsin Press, vol. 54(2), pages 277-284.
    4. Cowling, Keith & Cubbin, John, 1972. "Hedonic Price Indexes for United Kingdom Cars," Economic Journal, Royal Economic Society, vol. 82(327), pages 963-978, September.
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