A hedonic approach to value Pinus radiata log traits for appearance-grade lumber production

Abstract

This study used a hedonic approach to estimate the economic value of radiata pine log attributes (small-end diameter, form, and internode length) for appearance-grade lumber, including molding and better, shop, and industrial finger joint. Models were also built at the tree level to investigate the effect of selection as conducted by breeders. A Chilean sawing study provided information on wood traits and log out-turn for 156 logs divided into three classes: pruned butt log, second log, and third log. The conversion return of logs, instead of log prices, was used as the measure of log economic value. The economic values of log small-end diameter were 0.33, 0.19, and 0.10 US$/mm for the first, second, and third log, respectively. Concerning form, those values were US$2.6, US$1.4, and US$0.63 for a marginal improvement of this characteristic. The value of mean internode length was 0.19 US$/cm for second unpruned logs. Values for other internode length indices are also presented in this article. Branch variables were not statistically significant to explain the log recovery value. Finally, log recovery value was found to be elastic to the changes in small-end diameter and form, but inelastic to changes in the mean internode length. FOR. SCI. 56(3):281-289. © 2010 by the Society of American Foresters.