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Acta Forestalia Fennica
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Articles containing the keyword 'land expectation value'

Category: Article

article id 7220, category Article
T. Heikkilä. (1929). The interest rate of forest. Silva Fennica vol. 34 no. 7 article id 7220. https://doi.org/10.14214/aff.7220
Keywords: forest valuation; land expectation value; interest rate
Abstract | View details | Full text in PDF | Author Info

The result of forest valuation depends heavily on the interest rate and hence determining the rate of interest for forest is the one of the most important tasks of forest valuation.

When defining the interest rate for forests, we need to take into account not only the common interest rate in the country, but also other factors. Those are for example the increase in timber price. By calculating the land expectation value we assume that costs for felling, regeneration and other management will rise by same percent.

The article presents the common formula of land expectation value and discusses its pros and cons. Because of the bad condition of Finnish forests, the forest valuation has not been used widely in practice and hence also the research on theme has been minor. The development of the forests in future will make the theme more relevant. 

The volume 34 of Acta Forestalia Fennica is a jubileum publication of professor Aimo Kaarlo Cajander.

  • Heikkilä, E-mail: th@mm.unknown (email)

Category: Research article

article id 10485, category Research article
Felicia Dahlgren Lidman, Emma Holmström, Tomas Lundmark, Nils Fahlvik. (2021). Management of spontaneously regenerated mixed stands of birch and Norway spruce in Sweden. Silva Fennica vol. 55 no. 4 article id 10485. https://doi.org/10.14214/sf.10485
Keywords: Betula pendula; Picea abies; Betula pubescens; natural regeneration; mixed forest; land expectation value
Highlights: The absence of forest management does not always mean economic loss; With dense spontaneous regeneration of birch and Norway spruce, the first competition release can have a high impact on future stem development; Significantly different effects on stand volume production and diameter development of Norway spruce can be expected with different biomass harvest strategies.
Abstract | Full text in HTML | Full text in PDF | Author Info

Timber production and profitability were evaluated for spontaneously-regenerated mixtures on two formerly clearcut areas. The abandoned areas developed into birch-dominated (Betula pendula Roth and Betula pubescens Ehrh.) stands with successional ingrowth of Norway spruce (Picea abies (L.) H. Karst.). An experiment with randomized treatments within blocks was established, using three management strategies and one unthinned control, resulting in variation in optimal rotation age, merchantable volume and species composition. The management strategies were evaluated based on total production (volume) by using measured growth data 42 years after clearcutting and the modelled future stand development. The long-term effects of spontaneous regeneration and management strategies were evaluated based on land expectation value (LEV) and compared with a fifth management strategy using artificial regeneration and intense thinnings. 12 years after treatment, at a stand age of 42 years, the unthinned control had produced the highest total stem volume. At interest rates of 2% or higher, the unmanaged forest was an economically viable strategy, even compared to an intensive management strategy with a preferred merchantable timber species. Interest rates clearly impacted the profitability of the different management strategies. This study shows that when spontaneous regeneration is successful and dense, the first competition release can have a high impact on the development of future crop trees and on the species mixture.

article id 637, category Research article
Hirofumi Kuboyama, Hiroyasu Oka. (2000). Climate risks and age-related damage probabilities – effects on the economically optimal rotation length for forest stand management in Japan. Silva Fennica vol. 34 no. 2 article id 637. https://doi.org/10.14214/sf.637
Keywords: simulation; climatic risks; damage probability; age class; optimal rotation period; land expectation value
Abstract | View details | Full text in PDF | Author Info
We estimated the damage probability according to age class and major climatic disasters based on ‘Statistical Yearbook of National Forest Insurance’ from 1960 to 1996. The probability of snow damage is high for young stands, then gradually decreases with age. On the other hand, the risk of wind damage gradually increases with age. Decisions about rotation age should be based on the distribution of damage probability with stand age. Risk of damage has two contradictory effects on the optimal rotation period; one is that the rotation-shortening effect caused by risk of damage around harvest age; another is the rotation-extending effect due to decrease of rent by the risk of damage through the raising period. Change of optimal rotation depends on the relative magnitude of these effects. We examine this by calculating land expectation value (LEV) using a simulation model with the empirical damage probability, price and cost. Change of the optimal rotation period obtained from the national average damage probability is not significant. However, the optimal rotation is shorter in high wind risk areas and is longer in high snow risk areas. It is because the damage probability for a mature stand is high in the case of wind and low in the case of snow. In addition, the extent of decrease in LEV is smaller for wind than for snow. The results of simulation based on empirical data confirm that the optimal rotation period can become either shorter or longer through incorporating risk in decision making, depending on the damage probability distribution with stand age.
  • Kuboyama, Forestry and Forest Products Research Institute Tohoku Center, Nabeyashiki 72, Shimo-Kuriyagawa, Morioka, Iwate, 020-0123 Japan E-mail: kuboyama@ffpri-thk.affrc.go.jp (email)
  • Oka, Forestry and Forest Products Research Institute Tohoku Center, Nabeyashiki 72, Shimo-Kuriyagawa, Morioka, Iwate, 020-0123 Japan E-mail: ho@nn.jp

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