. Timber value-- a matter of choice : a study of how end use asssumptions affect timber values. Forests and forestry Economic aspects; Timber Economic aspects. -30 I , | 1960 | 1961 | 1962 | 1963 | 1964 | YEAR I Figure 3.—Percent deviation of sale values made under the assumption of "highest value use," "all lumber use," and "all veneer use" from sale value made under the assump- tion of "peelers peeled-saw logs sawed," 1960-64. The indicated differences in stand values associated with the use assumption could serve as a partial explanation for two timbe
. Timber value-- a matter of choice : a study of how end use asssumptions affect timber values. Forests and forestry Economic aspects; Timber Economic aspects. -30 I , | 1960 | 1961 | 1962 | 1963 | 1964 | YEAR I Figure 3.—Percent deviation of sale values made under the assumption of "highest value use," "all lumber use," and "all veneer use" from sale value made under the assump- tion of "peelers peeled-saw logs sawed," 1960-64. The indicated differences in stand values associated with the use assumption could serve as a partial explanation for two timber-value oriented problems: Case 1. The buyer who can't understand how his competitor can consistently bid more than he. Case 2. The seller who can't understand why bids often exceed appraisals by a substantial amount. Within the context of figure 3, if the buyer in case 1 has a veneer mill and doesn't consider any alternative use for logs in the timber sale, he can be consistently outbid by other buyers who have a lumber mill or an integrated (lumber and veneer) operation. If the seller in case 2 always assumes that "peeler" logs will be peeled and "saw logs" will be sawed, then a buyer who uses each log where it has highest value would have been able to consistently exceed the seller's estimated value for the stand. This simplified situation masks the complexity of choosing among possible values, but it serves to illustrate the variability associated with the decisionmaker's assumption of timber use. For a discussion of bid-appraisal relationships on public timber sales, see Walter J. Mead and Thomas E. Hamilton. Competition for Federal timber in the Pacific Northwest—an analysis of Forest Service and Bureau of Land Management timber sales. USDA Forest Serv. Res. Pap. PNW-64. Portland, Oreg., Pac. Northwest Forest & Range Exp. Sta., 63 p., 1968. 7. Please note that these images are extracted from scanned page images that may have been digitally enha
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