Abstract
A hedonic price model was employed to analyze prices for forest land in Sweden, which is primarily used for timber production. The investigation was based on 143 sales in 1992, and the independent variables describe the conditions for profitable forest management. Estimates were performed using the Box–Cox transformed specification and likelihood ratio tests. The results indicate a positive relationship between the per-hectare price of forest land and (1) the proportion of productive forest land in relation to the total forest area on the estate, (2) the mean standing volume, and (3) the mean site productivity on productive forest land. The parcel area has a negative effect on per-hectare prices. Population density in relation to the area of forest land in the county displays a positive relationship with price. The price of forest land was not significantly lower in regions with buyer restrictions than in other parts of Sweden.
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