An Econometric Analysis of the Southern Softwood Stumpage Market: 1950-1980

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Abstract
This paper presents an aggregate regional model of the southern softwood solidwood (combined lumber and plywood) and pulpwood stumpage markets. The derivation of stumpage supply includes direct substitution possibilities by stumpage producers. The derivation of stumpage demand follows a profit maximization framework and includes the effects of input substitution as well as production capacity. Three-stage least squares regression techniques provide simultaneous parameter estimation of the market system. Solidwood stumpage is a complement in production with pulpwood; however, in solidwood production, an asymmetrical relationship exists as pulpwood is a substitute good. With respect to demand, solidwood stumpage responds to a greater extent to changes in final good price than does pulpwood. For. Sci. 33(4):932-945.

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