Timberland attracts capital as an investment. Timberland is an assetclass that institutional investors are pursuing for inclusion in mixed portfolios.The reason that investors are including timberlands into mixed portfolios isbecause the timberland asset class provides significant diversifying benefits toinstitutional investors. The attractiveness of timberland as an investment startswith the underlying investment return drivers. The returns for timberland assetsare driven from the appreciation of the underlying land and the income fromselling timber products. This dissertation focuses on investigating timber productprices and specifically econometrically analyzing timber prices.The first essay uses a mixed effects model to explain the effects ofprecipitation and temperature on softwood timber prices in the US South. Theresults of the model indicate that softwood timber prices are inversely related tochanges in temperature and positively related to changes in precipitation. Thisresult explains part of the softwood timber price variability attributable to weatherin the US South.The second essay uses a mixed effects hedonic model to examine theeffect of timber sale characteristics on timber prices in the US South. The resultsof the model provide coefficient estimates for timber sale type, number ofbidders, harvest type, and area harvested. This result explains part of the timberprice variability attributable to the timber sale type, number of bidders, harvesttype, and area harvested in the US South.The third essay tests for cointegration between the softwood sawtimberprices in a region in Georgia and a region in Oregon using the Engle andGranger test. The results of the test suggest that the softwood sawtimber pricesin a region of Georgia and a region of Oregon are cointegrated. Theconsequence of this result is that one would expect the long-run price changebetween the respective regions in Georgia and Oregon to be similar.