Value of product characteristics and their contribution to the price of rose wood (Dalbergia latifolia) - application of Hedonic price analysis.

摘要

Rose wood is an important timber species grown in India. Reputation of rose wood is due to its matchless combination of qualities-termite, fungus and weather resistance, lightness with strength, attractiveness, workability and seasoning capacity without splitting, cracking, warping or material altering shapes. There is now a hue and cry against the projects initiated by many private companies towards establishing the rose wood and other forest tree plantations. The time series data of rose wood were collected from Dandeli depot, Karnataka State (70 km away from Dharwad towards east) from May 1987 to May 2011. The time series data of rose wood were recorded with the following headings such as length, girth, volume of the lot, number of logs in a timber lot and price of the lot. To assess the value of product characteristics and their contribution to the price of the rose wood the Hedonic price model was applied using regression. Three models were fitted using linear, logarithmic and semi-logarithmic methods. Among these three models semi-logarithmic model shows the best fit model because it has high R2 (74 per cent) value and based on the standard regression coefficient value (64 per cent) we can concluded that volume of the timber is the strongest determinant of the price.