The warping of laminated panels in response to moisture content changes is simulated by a computer model based on the assumption that the layers respond elastically to the developing forces. The computer model is capable of simulating large numbers of laminated panels in which face layers are selected from a large pool of naturally variable veneer sheets. The strong effect of this natural variability on warping is clearly demonstrated. The model is applied to loblolly pine plywood and veneered furniture panels. The sometimes significant warping along the face grain of construction plywood is ascribed to the presence of cross grain, reaction wood, or juvenile wood. Furniture panels appear to be rather warp resistant due to their large overall thickness and the very small veneer thickness. As in construction plywood, the stiffness of face and core material is of relatively small importance. Graphs and nomographs illustrate the effect of variables such as veneer thickness, core thickness, core modulus of elasticity, and amount of face grain deviation. -- AATA