The importance of markets in the allocation of differentiated timber | Zendy

Michael W. Stone | Zendy

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The importance of markets in the allocation of differentiated timber

Author(s) -

Michael W. Stone

Publication year - 2009

Publication title -

the forestry chronicle

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.335

H-Index - 49

eISSN - 1499-9315

pISSN - 0015-7546

DOI - 10.5558/tfc85355-3

Subject(s) - business , industrial organization , resource (disambiguation) , value (mathematics) , resource allocation , key (lock) , natural resource economics , economics , microeconomics , market economy , computer science , computer network , computer security , machine learning

The Canadian Wood Fibre Centre's goal is to enhance the value extracted from our forest resources by identifying important timber attributes and encouraging the flow of differentiated timber to its highest valued use. Coordination of resource use is, in fact, the primary objective of any economic system, and one that market systems accomplish with great efficiency through price signals. As such, this paper is an unabashed call for the greater use of transparent market mechanisms as a means of obtaining better use of our forest resources. First, the role of markets and market institutions are reviewed. Then the application of market mechanisms to differentiated timber through the use of log-grading and pricing systems is advocated, and the use and advantages obtained from log markets of several jurisdictions are presented. Finally, potential obstacles to market development and ways to overcome these obstacles are discussed. Key words: log markets, timber allocation, timber pricing, economic institutions

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