Hedonic Valuation of Timber Stands in the Great Lakes Northern Forests
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.
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- 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..
- 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.
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- 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.
- 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.
- Reed, William J., 1993. "The decision to conserve or harvest old-growth forest," Ecological Economics, Elsevier, vol. 8(1), pages 45-69, August.
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