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Lecture 3: Stumpage & Forest Value

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University of Toronto St. George

Lecture 3: Stumpage & Forest Value Valuation & Stumpage with the exception of few countries (US, Finland, Sweden), all heavily forested regions are dominantly owned by the govt o rights to timber on much of this area is transferred via concessions to forestry firms o ownership maintained by govts, harvesting rights sought by firms, cause it is perceived that there is satisfaction to be generated in doing so satisfaction is generated cause the rights have some sort of associated value timber: primary purpose for which timber (stand) is cut value is a human perception, worth of something to somebody at given place & time o equivalent to other expressions one oft hears: worth, utility, & satisfaction o valuation: the process of quantifying value several diff. types of value: market value (value @ which the rights are exchanged in the market) value in use (+ satisfaction accruing to the owner) social value (value to society @ large, ex. fishery) o at project value valuation: finding potential investors value of intervention appraisal: finding the market value as a result, valuation & appraisal can yield diff. values for project what is the purpose of valuation & appraisal? buying & selling land & timber forest planning damage & other legal claims taxation loans stumpage: primary means of expressing value in terms of forested land o stumpage A- the value of standing timber o stumpage B- the value paid for a certain amount of timber felled o diff ways to calculate stumpage: valuation of separate stands on bare land old-growth timber valuation young timber valuation comparisons betw. US & Canada o US has 10xs the pop. of Canada, & similar consumption patterns, though slightly less forested area, hence much greater demand for forest products
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