%0 Article
%T A theory of stumpage appraisal.
%A Omwami, Raymond K.
%D 1986
%J Silva Fennica
%V 20
%N 3
%R doi:10.14214/sf.a15452
%U https://silvafennica.fi/article/5273
%X <p>This paper is a theoretical study of what is considered to constitute the proper perception of time in forest economics and management. A stumpage appraisal model that recognizes the influence of time is developed within the framework of a national aggregate economy. To demonstrate how a socially optimal land for timber production may be determined in a given nation, a stock-supply model is derived. The stumpage appraisal rule of development determines the market stumpage price that maintains a state of balance between timber production and other land use activities.</p>
<p>The PDF includes an abstract in Finnish.</p>