Abstract
In the absence of competitive markets, the value of standing timber can be estimated using the residual value approach. This approach was used in northern Ontario to estimate the value of stumpage used to produce spruce, pine, and fir lumber and pulp. Data were collected from 5000 stands harvested between 1986 and 1991, and residual timber values were calculated for each stand for appropriate products. These calculated residual values were regressed on supply-site variables such as distance to mill, slope, and piece size as well as demand-side trend and business cycle variables. On the basis of price and cost data for the period 1970–1993, the pulp and lumber models were extended and used to forecast the residual timber values for 1994.
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