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Auctioning Timber to Maximize Revenues in British Columbia

British Columbia is proposing substantial market reforms to improve its pricing of timber. A key element of the reforms is using the outcome of timber auctions to price timber for non-auctioned longterm tenures. Using market transactions to price timber on long-term tenures has the advantage of setting market-based prices for all of B.C.’s timber, while retaining the benefits of long-term tenures. In our paper, “Auction-Based Timber Pricing and Complementary Market Reforms in British Columbia,” we demonstrate that this market-based approach enables efficient cutting of timber, encourages efficient investment in developing timber lands, and minimizes the impact of government decisions on timber pricing. Here we examine how the approach affects the revenues that British Columbia can receive from its timber resource.