The value of information services in a market for factors of production with multiple attributes: the role of consultants in private timber sales

The value of information services is incorporated into a hedonic pricing model in the context of private timber sales, where forestry consultants are often hired by landowners selling their timber. A data set containing detailed information on a sample of private sales is used to estimate the effect...

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Bibliographic Details
Published inForest science Vol. 40; no. 3
Main Authors Munn, I.A. (Mississippi State University, MS.), Rucker, R.R
Format Journal Article
LanguageEnglish
Published 01.08.1994
Subjects
BOIS
CATEGORIE PROFESSIONNELLE
COMMERCIALISATION
MADERA
MERCADEO
MODELE MATHEMATIQUE
MODELOS MATEMATICOS
OCUPACIONES
PRECIOS
PRIX
SERVICE D'INFORMATION
SERVICIOS DE INFORMACION
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Summary:The value of information services is incorporated into a hedonic pricing model in the context of private timber sales, where forestry consultants are often hired by landowners selling their timber. A data set containing detailed information on a sample of private sales is used to estimate the effects on bid prices of hiring a consultant. The estimated effects, using an estimation procedure that corrects for the statistical shortcomings of a simple OLS model. indicate that on average the increased price on consultant sales is approximately equal to the prices consultants charge for their services
Bibliography:U10
9529781
K50
ISSN:0015-749X
1938-3738
DOI:10.1093/forestscience/40.3.474