Current issue: 58(5)
Articles containing the keyword 'capital'
Category : Article
The paper discusses certain aspects of the capital management of forest assets. These aspects are of importance when one wants to consider what means to use to influence the capital management on both small and big forest properties. When quantifying the effects of different uses of capital, one must necessarily have a scale. The rate of return is for this purpose the usual measure of profitability. We will first discuss the differences between nominal and real rate of return, and point out the assumptions which are often implicit in analyses of the profitability of investments in forestry. We will the discuss certain liquidity and risk aspects of capital investments in forestry, and at the end deal with certain consequences of taxation.
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Eid,
E-mail:
je@mm.unknown
Category : Article
The article is a survey about the economic situation of the farms in the northernmost Finland, commissioned by the senate of Finland. Agriculture practiced in Northern Finland has differed markedly from the rest of the land. The farms were small and pioneer farming was common. The lands were predominantly owned by the state which had assigned wide areas for new settlements in the area. The article includes a detailed survey of 154 farms in the area. Statistics of different categories of capital is listed; stock, equipment, land, and domestic animals, in addition to overview on the different types of farms in the area.
The PDF includes a summary in German.
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Jutila,
E-mail:
kj@mm.unknown
The agriculture in the Northern Finland differs markedly from the rest of the land. The farms are small and pioneer farming is common. The article is a survey about the economic situation of the agriculture in the Northern Finland, commissioned by the senate of Finland. The lands are predominantly owned by the state, which has annually assigned wide areas for new settlements in the area. The survey shows values of different categories of capital, namely stock, equipment; land, domestic animals, and gives an overview on the types of farms in the area.
The PDF includes a summary in German.
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Jutila,
E-mail:
kj@mm.unknown
The study presents a theory of utility models based on aspiration levels, as well as the application of this theory to the planning of timber flow economics. The first part of the study comprises a derivation of the utility-theoretic basis for the application of aspiration levels. Two basic models are dealt with; the additive and the multiplicative. Applied here solely for partial utility functions, aspiration and reservation levels are interpreted as defining piecewisely linear functions. The standpoint of the choices of the decision-makers is emphasized by the use of indifference curves. The second part of the study introduces a model for the management of timber flows. The model is based on the assumption that the decision-maker is willing to specify a shape of income flow which is different from that of the capital-theoretic optimum. The utility model comprises four aspiration-based compound utility functions.
The theory and the flow model are tested numerically by computations covering three forest holdings. The results show that the additive model is sensitive even to slight changes in relative importance and aspiration levels. This applies particularly to nearly linear production possibility boundaries of monetary variables. The multiplicative model, on the other hand, is stable because it generates strictly convex indifference curves. Due to a higher marginal rate of substitution, the multiplicative model implies a stronger dependence on forest management than the additive function. For income trajectory optimization, a method utilizing an income trajectory index is more efficient than one based on the use of aspiration levels per management period. Smooth trajectories can be attained by squaring the deviation of the feasible trajectories from the desired one.
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Mykkänen,
E-mail:
rm@mm.unknown
Category : Research article
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Toppinen,
University of Helsinki, Department of Forest Sciences, P.O. Box 27, FI-00014 University of Helsinki, Finland
E-mail:
anne.toppinen@helsinki.fi
- Lähtinen, Finnish Environment Institute (SYKE), Joensuu, Finland E-mail: kl@nn.fi
- Leskinen, Rantalankuja 4, Joensuu, Finland E-mail: lal@nn.fi
- Österman, University of Helsinki, Department of Forest Sciences, P.O. Box 27, FI-00014 University of Helsinki, Finland E-mail: no@nn.fi
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Hoen,
Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway
E-mail:
hans.hoen@isf.nlh.no
- Eid, Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway E-mail: te@nn.no
- Økseter, Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway E-mail: po@nn.no
