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Hedonic Valuation of Timber Stands in the Great Lakes Northern Forests

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  • Chen, Susan Sou-I

Abstract

Forests and timber are important natural resources in the state of Michigan. Forestlands make of 53% of the total land area and the forest related industry and manufacturing sector in Michigan generate approximately $12 billion to the state’s economy. Though forestry related industry and manufacturing is a multi-billion dollar industry that affects millions of acres of land in Michigan, there have been few recently published articles regarding timber stumpage appraisal in the state particularly about the northern hardwood forests. This paper uses a hedonic timber stumpage appraisal model to calculate stumpage value for state managed forests. The model uses data from Michigan Department of Natural Resources to estimate the affect of various parameters on the accepted bid of public timber sales. From our results we found there were certain parameters that were statistically significant in raising the final bid price of a sales and this may have implications for the management of state owned forest lands.

Suggested Citation

  • Chen, Susan Sou-I, 2010. "Hedonic Valuation of Timber Stands in the Great Lakes Northern Forests," Graduate Research Masters Degree Plan B Papers 98072, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  • Handle: RePEc:ags:midagr:98072
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    File URL: http://purl.umn.edu/98072
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    References listed on IDEAS

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    1. Ragan A. Petrie & Laura O. Taylor, 2007. "Estimating the Value of Water Use Permits: A Hedonic Approach Applied to Farmland in the Southeastern United States," Land Economics, University of Wisconsin Press, vol. 83(3), pages 302-318.
    2. Raymond B. Palmquist, 1989. "Land as a Differentiated Factor of Production: A Hedonic Model and Its Implications for Welfare Measurement," Land Economics, University of Wisconsin Press, vol. 65(1), pages 23-28.
    3. Kenneth E. McConnell & Ivar E. Strand, 2000. "Hedonic Prices for Fish: Tuna Prices in Hawaii," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(1), pages 133-144.
    4. J. Walter Milon & Jonathan Gressel & David Mulkey, 1984. "Hedonic Amenity Valuation and Functional Form Specification," Land Economics, University of Wisconsin Press, vol. 60(4), pages 378-387.
    5. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    6. Reed, William J., 1993. "The decision to conserve or harvest old-growth forest," Ecological Economics, Elsevier, vol. 8(1), pages 45-69, August.
    7. Newman, D.H., 2002. "Forestry's golden rule and the development of the optimal forest rotation literature," Journal of Forest Economics, Elsevier, vol. 8(1), pages 5-27.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Forests; Hedonics; Stand valuation; Stumpage value; Environmental Economics and Policy; Resource /Energy Economics and Policy; Q23 Forestry; Q51 Valuation of Environmental Effects;

    JEL classification:

    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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