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Appraising National Forest Timber Values: A Concept Reexamined

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Standards for appraising national forest stumpage developed early in the century by Austin Cary, W.B. Greeley, and James W. Girard were critically examined and explained by Julian E. Rothery some four decades ago in three significant articles. Rothery described the standard Forest Service methods, including the investment method, the overturn method, and a transaction evidence method. He suggested that several methods be tried before making the final selection based on the appraiser's judgment. He also suggested how to reconcile differences (in a stable market) between lump-sum sales and pay-as-cut sales, using a discount factor to equate the latter with the former. Since Rothery's solutions did not anticipate nonstable markets, some modification would seem necessary in the light of current inflation, by developing a "lump-sum equivalent" through the use of an inflation factor to set off against the discount factor.
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Document Type: Journal Article

Affiliations: Retired, was Chief Appraisal Officer, Timber Management Staff, USDA Forest Service, Washington, D.C.

Publication date: 01 June 1981

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