Pressler's indicator rate formula as a guide for forest management |
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| Authors: | Sun Joseph Chang Peter Deegen |
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| Institution: | aSchool of Renewable Natural Resources, Louisiana State University Agricultural Center, Baton Rouge, LA 70803, United States;bInstitute of Forest Economics and Forest Management Planning, Dresden University of Technology, 01735 Tharandt, PF 1117, Germany |
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| Abstract: | In this paper, it is shown that Pressler's indicator rate formula is also the optimal condition for the determination of the optimal harvest age under the generalized Faustmann formula. In addition, a modern treatment of the quantity increment, quality increment, and price increment is presented. Pressler's indicator rate formula is then applied to determine the optimal harvest age in a dynamic world of unanticipated changes. |
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| Keywords: | JEL classification: Q23 |
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