Rates of Return: Internal or Composite?
The composite rate of return is apparently joining the more familiar internal rate of return as a measure of economic efficiency. Some analysts suggest that the composite rate replace the internal rate. Others are proceeding as if the replacement has already been approved. It would be an economic tragedy if this were allowed to happen. The composite rate is an erroneous measure that can easily lead to confusing or even absurd conclusions. The internal rate of return is the only valid, single-investment rate of return measure. Because it can now be easily calculated with any computer and many hand-held calculators, the internal rate of return should become a standard analytical measure for all forestry investments.
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Document Type: Journal Article
Affiliations: Program Development Forester, State and Private Forestry, USDA Forest Service, Southern Region, Atlanta, Georgia 30367
Publication date: 1983-10-01
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The Journal of Forestry is the most widely circulated scholarly forestry journal in the world. In print since 1902, the Journal has received several national awards for excellence. The mission of the Journal of Forestry is to advance the profession of forestry by keeping forest management professionals informed about significant developments and ideas in the many facets of forestry: economics, education and communication, entomology and pathology, fire, forest ecology, geospatial technologies, history, international forestry, measurements, policy, recreation, silviculture, social sciences, soils and hydrology, urban and community forestry, utilization and engineering, and wildlife management. The Journal is published bimonthly: January, March, May, July, September, and November.
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