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Estimating hedonic price equations for a timber stumpage market using stochastic frontier estimation procedures

Munn, Ian A. and Raymond B. Palmquist

This paper applies statistical techniques developed for stochastic frontier analysis to hedonic price functions within the context of the timber stumpage market when there is price uncertainty on the part of both sellers and buyers. The error term of the hedonic price function has an asymmetric component whose distribution depends on the presence or absence of a consultant. This provides a more plausible model of such timber markets with uncertainty, and empirical results support the model.

Fiscal Year: fy98 ·  Problem Area: pa98-1 ·  Source: extra   <== Explain

Citation: Munn, Ian A. and Raymond B. Palmquist. 1997. Estimating hedonic price equations for a timber stumpage market using stochastic frontier estimation procedures. Canadian Journal of Forest Research 27:1276-1280.

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