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Which Criterion? Effect of Choice of the Criterion on Forest Management Plans

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Forest managers of profit-oriented firms usually develop management plans which will maximize profit in some sense. A basic question facing the forest manager is the choice of the criterion for maximization. Implicit in the choice of the criterion are certain assumptions. The two most widely used criteria, net present value and internal rate of return, are compared and contrasted. The sensitivity of the optimum management plan to the choice of criteria is analyzed for a typical southern industrial forest. The results indicate the optimum rotation age is more sensitive to changes in factors such as stumpage rates and annual fixed costs if the rate-of-return criterion is maximized. Forest Sci. 18:292-297.
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Keywords: Rate of return; net present value; rotation age

Document Type: Journal Article

Affiliations: Associate Professor of Forest Resources and Finance at the University of Georgia

Publication date: 1972-12-01

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  • Important Notice: SAF's journals are now published through partnership with the Oxford University Press. Access to archived material will be available here on the Ingenta website until March 31, 2018. For new material, please access the journals via OUP's website. Note that access via Ingenta will be permanently discontinued after March 31, 2018. Members requiring support to access SAF's journals via OUP's site should contact SAF's membership department for assistance.

    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.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2016 Impact Factor: 1.782 (Rank 17/64 in forestry)

    Average time from submission to first decision: 62.5 days*
    June 1, 2016 to Feb. 28, 2017

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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