2016
DOI: 10.3390/f7070148
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Modeling Prices for Sawtimber Stumpage in the South-Central United States

Abstract: Abstract:The South-Central United States, which includes the states of Louisiana, Mississippi, Texas, and Arkansas, represents an important segment of the softwood sawtimber market. By using the Seemingly Unrelated Regression (SUR) method to account for the linkage among the four contiguous timber markets, this study examines the dynamics of softwood sawtimber stumpage markets within the region. Based on quarterly data from 1981 to 2014, the findings reveal that both pulpwood and chip-and-saw (CNS) prices have… Show more

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Cited by 13 publications
(6 citation statements)
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“…By not being able to reject the null hypothesis H 0 : c j = 0 the price in region x does not have an impact on the pricing in region y. A F-test was used since it performs better than the alternatives in time-series consisting of few observations [25].…”
Section: Econometric Frameworkmentioning
confidence: 99%
“…By not being able to reject the null hypothesis H 0 : c j = 0 the price in region x does not have an impact on the pricing in region y. A F-test was used since it performs better than the alternatives in time-series consisting of few observations [25].…”
Section: Econometric Frameworkmentioning
confidence: 99%
“…To our knowledge, this is the first study to provide estimates of own-price elasticity for CNS stumpage or a cross-price elasticity with respect to sawtimber prices, and the only study to examine quarterly stumpage harvesting phenomena in the Southeastern softwood stumpage market (specifically studies including quantities, not merely price studies). Further, it is only the second study to include CNS prices in the stumpage modeling literature [2]. Interestingly, we find that own-price elasticity of demand is elastic (unlike pulpwood and sawtimber).…”
Section: Discussionmentioning
confidence: 73%
“…Results suggest that the CNS price in Texas has no impact on CNS stumpage demand in Louisiana. However, this is only true when LA sawtimber prices were included.While prior research indicates that timber markets display interrelatedness in softwood sawtimber marketsin the south-central states, this finding would indicate the same may not be true of CNS markets, at least for Louisiana [2]. Polyakov et al [15] also report a similar finding in the case of pulpwood markets in Alabama and Mississippi.…”
Section: Discussionmentioning
confidence: 88%
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“…Therefore, it is pertinent to model and forecast stumpage prices. Previous studies that examined actual stumpage prices paid in individual sales have mainly focused on two aspects: the time series of stumpage prices [2][3][4][5][6][7][8][9] and the factors influencing stumpage prices [10][11][12][13][14][15][16][17][18]. The former set of studies were aimed at examining the dynamics of stumpage markets, whereas the latter group sought to investigate the relationship between stumpage prices and factors such as harvestable volume density, the total area involved in the sale, and the diameter of the trees.…”
Section: Introductionmentioning
confidence: 99%