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Expected Rates of Value Growth for Individual Sugar Maple Crop Trees in the Great Lakes Region: A Comment

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Webster et al. (Webster et al. 2009. Expected rates of value growth for individual sugar maple crop trees in the Great Lakes region. North. J. Appl. For. 26:133‐140) discuss updated recommendations for marking individual sugar maple trees in the Great Lakes region within a selection silvicultural system based in part on current market information. They calculate the annual rate of value growth (RVG) of individual trees for a single 10-year period using an internal rate of return (IRR) formula. It is the authors' misinterpretation of the IRR and RVG as an interest or discount rate similar to that used in a net present value calculation that is the focus of this comment. The interest rate includes information not contained in the IRR and is used to estimate whether an investment (e.g., marking decisions for sugar maple trees) will increase (or decrease) an individual's wealth. The distinction between what the IRR or RVG describes and the interest or discount rate is critical for determining the economic and financial implications of management decisions.
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Keywords: economic analysis of management; internal rate of return; rate of value growth

Document Type: Research Article

Publication date: 2009-12-01

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  • Each regional journal of applied forestry focuses on research, practice, and techniques targeted to foresters and allied professionals in specific regions of the United States and Canada. The Northern Journal of Applied Forestry covers northeastern, midwestern, and boreal forests in the United States and Canada.
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