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A method for evaluating release alternatives from an investment viewpoint is suggested, and results of applying it to three long-term experiments on releasing sapling stands of red pine and white pine from an aspen-birch overstory in northern Minnesota are presented. Based on a modified soil expectation value approach, the method estimates the maximum amount that can be invested profitably in release for a specified alternative rate of return, and determines the degree of release that will be most profitable for a range of costs, stumpage prices, and discount rates. Values of the site at the end of the present rotation, together with prospective returns from the present stand if fully, moderately, or not released, are discounted back to the time of release. The difference in discounted value between no release and release treatments is the margin available for release. The margin available for full and moderate release varied considerably among the three areas and with pine stumpage prices, future stand establishment costs, and discount rates. Although the data did not permit drawing general conclusions about the profitability of release, the analysis indicated that release of sapling red and white pine, stands can be highly profitable under some conditions.
Document Type: Journal Article
Forest Economist with the Lake States Forest Expt. Sta., Forest Service, U. S. Dept. Agric.
Publication date: June 1, 1963
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Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.