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The Price-Elasticity of Stumpage Sales from Federal Forests



This paper explores the influence of the behavior of the Forest Service and Bureau of Land Management on effective public policy toward the national forests. It shows that fluctuations in stumpage sales from such forests have been large. Furthermore, those fluctuations could well have a significant impact on the price elasticity of harvest even with large stocks of uncut volume under contract. System analysis of harvest and sale patterns in nine regions during the period 1951-1992 shows that stumpage sales displayed little correlation with prices during the period; the positive price elasticity of harvest seems to have been induced largely by the behavior of logging firms. However, it finds a positive link between National Forest budgets and annual sales. If budget appropriations had been negatively correlated with stumpage prices, the price elasticity of harvest from federal forests could have been severely damped.

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  • Ando, Amy, 1997. "The Price-Elasticity of Stumpage Sales from Federal Forests," Discussion Papers dp-98-06, Resources For the Future.
  • Handle: RePEc:rff:dpaper:dp-98-06

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    1. Peter Berck, 1979. "The Economics of Timber: A Renewable Resource in the Long Run," Bell Journal of Economics, The RAND Corporation, vol. 10(2), pages 447-462, Autumn.
    2. Crabbe, Philippe J. & Long, Ngo Van, 1989. "Optimal forest rotation under monopoly and competition," Journal of Environmental Economics and Management, Elsevier, vol. 17(1), pages 54-65, July.
    3. Samuelson, Paul A, 1976. "Economics of Forestry in an Evolving Society," Economic Inquiry, Western Economic Association International, vol. 14(4), pages 466-492, December.
    4. David E.W. Laidler, 1991. "An Overview," Introductory Chapters, in: The Golden Age of the Quantity Theory, Princeton University Press.
    5. Schmidt, Peter, 1990. "Three-stage least squares with different instruments for different equations," Journal of Econometrics, Elsevier, vol. 43(3), pages 389-394, March.
    6. Rucker, Randal R & Leffler, Keith B, 1988. "To Harvest or Not to Harvest? An Analysis of Cutting Behavior on Federal Timber Sales Contracts," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 207-213, May.
    7. Lyon, Kenneth S., 1981. "Mining of the forest and the time path of the price of timber," Journal of Environmental Economics and Management, Elsevier, vol. 8(4), pages 330-344, December.
    8. Darius M. Adams & Clark S. Binkley & Peter A. Cardellichio, 1991. "Is the Level of National Forest Timber Harvest Sensitive to Price?," Land Economics, University of Wisconsin Press, vol. 67(1), pages 74-84.
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