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• W2505662623 abstract "The value of infomarion 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. FOR. Scl. 40(3):474496. HE DETERMINATION OF MARKET PRICES for goods and resources with multiple attributes is often modeled in a hedonic pricing framework (Rosen 1974). Empirical applications of this framework have been used to obtain estimates of market-clearing prices of individual attributes of a variety of goods and resources [Bartik and Smith (1987), Brorsen, Grant, and Rister (1984), Follain and Jimenez (1985), Palmquist (1984), Palmquist (1989), Veeman (1987), and Wilson (1984)]. Acquiring information on the market values and attributes of complex goods and resources i costly. 1Individuals with a comparative advantage inproviding such information play an important role in many competitive market settings. Although this point is universally accepted among economists, existing hedonic pricing models, which assume perfect information, fail to acknowledge informationprovision explicitly as a valued attribute. In this paper, we incorporate the value of information services into a hedonic pricing model in the context of private timber sales. Information services on these sales are provided by forestry consultants who are sometimes hired by landowners to assist in the sale of privately owned timber. These consultants provide information on tract attributes, market conditions, and the identities of potential buyers who are likely to place high values on the tract. Although consultants claim to generate higher prices for their clients, after accounting for differences in See Stigler (1961) for the seminal discussion ofthis point." @default.
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• W2505662623 title "The value of information services in a market for factors of production with multiple attributes: the role of consultants in private timber sales" @default.
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