Growth and decay: forest landowner impatience factor
Main Article Content
Keywords
impatience factor, inflation, transaction evidence approach, timberland appraisal, income capitalization approach, forestland owners
Abstract
From saplings to mature stems, trees grow into new log-size classes expanding in both timber volume and monetary value. Forestland financial decay becomes discernible when timber revenues are discounted to their present-day value. Net present value (NPV) calculations require application of a financial discount rate moderated against the forestland’s macroeconomic inflation rate. The discount rate is significantly determined by the forestland owner’s ‘impatience factor’ uniquely guiding timber harvest rotation timing for each forestland investor. The importance of appropriately defining the impatience factor is discussed in this manuscript. A 15.78 hectare (39.0-acre) forested parcel value is considered, as viewed through the impatience factor lens for various investor classes to appreciate observed variability in discounted asset values and how it influences timber harvest rotation timing. Natural resource managers, investors, and advisors may find the techniques described here helpful in their timber management financial decisions.
References
Arney J. 2015. Biometric methods for forest inventory, forest growth and forest planning. Portland, Oregon, USA. Retrieved from http://fbrinstitute.org/
Avery T, Burkhart H. 2002. Forest measurements (5th ed.). New York: McGraw Hill.
BG-FRS. 2015. Decisions regarding monetary policy implementation. St. Louis: Board of Governors of the Federal Reserve System.
BLS. 2021. CPS news releases. Retrieved May 5, 2021, from Bureau of Labor Statistics: http://www.bls.gov/cps/
Brent W, Steiner E. 2017. Economic fundamentals, capital expenditures and asset dispositions. Pennsylvania State University, Smeal College of Business, University Park, PA. Retrieved from https://ecommons.cornell.edu/bitstream/handle/1813/71360/Steiner23_Economic.pdf
Brown J, Gillooly J, Allen A, Savage V, West G. 2004. Toward a metabolic theory of ecology. Ecology, 85(7), 1771-1789.
https://doi.org/10.1890/03-9000
Buck C. 2008. Encyclopedia of race, ethnicity, and society. Retrieved July 21, 2010, from Bureau of Indian Affairs: http://christopherbuck.com/Buck_PDFs/Buck_B.I.A._2008.pdf
Burger J, Kelting D. 1999. Using soil quality indicators to assess forest stand management. Forest Ecology and Management, 122, 155-166.
https://doi.org/10.1016/S0378-1127(99)00039-0
Burkhart HE, Gregoire T. 2005. Forest biometrics. In Handbook of Statistics (Vol. 12, pp. 377-407). Elsevier.
https://doi.org/10.1016/S0169-7161(05)80013-6
Chasan DJ. 2000. A trust for all the people: rethinking the management of Washington's State Forests. Seattle University, Seattle University Law Review. Retrieved from https://digitalcommons.law.seattleu.edu/cgi/viewcontent.cgi?article=1650&context=sulr
Clary D. 1986. Timber and the forest service. Lawrency, KS: University ofo Kansas Press.
Cobell vs. Salazar, 1:96-cv-01285-TFH (US DIstrict Court of Columbia 12 10, 2010). Retrieved from http://www.indiantrust.com/docs/sa_1_19_11.pdf
D&D Larix. 2023. Parcel 16N04E0416324016. W. Schlosser, Editor, & FRASS, Producer. Retrieved from FRASS: https://frass.forest-econometrics.com/Parcels
Dana S, Fairfax S. 1980. Forest and range policy. New York, NY: McGraw-Hill.
Fish and Wildlife Service. 1990. Federal Register 55 FR 26114-26194. DEPARTMENT OF THE INTERIOR. Wa DC: Federal Register. Retrieved from https://www.fws.gov/arcata/es/birds/NSO/documents/1990%20Determination%20of%20Threatened%20Status%20NSO%2055%20FR%2028114%20reduced.pdf
Forest Econometrics. 2023. FRASS Appraisal Augmentation. W. Schlosser, Editor, & D&D Larix, LLC. Retrieved from Forestland Financial Optimization: http://forest-econometrics.com/actionable-reports/frass-appraisal-augmentation/
Frankel J. 2008. The effect of interest rates on commodity prices. Cambridge: Harvard University. Retrieved from https://sites.hks.harvard.edu/fs/jfrankel/CP.htm#The central claim
FVS. 2018. Forest vegetation simulator. Retrieved May 19, 2018, from US Forest Service: https://www.fs.fed.us/fvs/index.shtml
Galloway C. 1995. The American Revolution in indian country: crisis and diversity in native american communities. Cambridge University . Cambridge University Press. https://doi.org/10.1017/CBO9780511816437
Hall-Widdoss. 2006. Appraisal of 'highly fractionalized interest' on indian lands. Spearfish, South Dakota: Hall-Widdoss & Co., Inc.
Hartwick J, Olewiler N. 1998. The economics of natural resource use (Vol. Second Edition). New York, NY, USA: Addison Wesley Longman.
Hubbard G, O'Brien A. 2015. Economics. Pearson/Prentice Hall.
Husch B, Miller C, Beers T. 1982. Forest mensuration. New York: Wiley.
Ikonnikova SA, Neyra Vd, Berdysheva S. 2022. Investment choices and production dynamics: The role of price expectations, financial deficit, and production constraints. Journal of Economics and Business, 120, 22. https://doi.org/10.1016/j.jeconbus.2022.106067
IVCS. 2017. International valuation standards. London: International Valuation Standards Council. Retrieved from http://www.cas.org.cn/docs/2017-01/20170120142445588690.pdf
Keir JC, Keir RC. 1993. Opportunity cost: a measure of prejudgment interest. The Business Lawyer, 39(1), 129-152. Retrieved from https://www.jstor.org/stable/40686544
Kimbell A, Hickman C, Brown H. 2010. How do taxes affect America's private forestland owners? Journal of Forestry, 93-102. Retrieved from https://timbertax.org/taxpolicy/TaxesAffectLandowners.pdf
King J. 1966. Site index curves for Douglas-fir in the Pacific Northwest. Weyerhaeuser Company. Centralia, WA: Weyerhaeuser Forestry Research Center.
Levy D. 1985. The transactions cost approach to vertical integration: an empirical examination. The Review of Economics and Statistics, 67(3), 438-445. https://doi.org/10.2307/1925972
Library of Congress. 2009. Department of Interior. Retrieved August 5, 2011, from Indian Reorganization Act: http://library.doi.gov/images/Haas.TenYears.pdf
Majumdar I, Teeter L, Butler B. 2008. Characterizing family forest owners: a cluster analysis approach. Forest Science, 54(2), 176-184. Retrieved from https://www.researchgate.net/publication/233562550_Characterizing_Family_Forest_Owners_A_Cluster_Analysis_Approach
Markowski-Lindsay M, Catanzaro P, Milman A, Kittredge D. 2016. Understanding family forest land future ownership and use: exploring conservation bequest motivations. Springer Nature, 15(2), 241-256. https://doi.org/10.1007/s11842-015-9320-z
NLRAG. 2011. Official log scaling and grading bureaus. January 1, 2011 Edition ed., Vol. Northwest Log Rules Advisory Group. 7th, Ed. Lacey, WA, USA: Pacific Rim Log Scaling Bureau, Inc.
O'Brien S. 1989. American indian tribal governments. University of Oklahoma: Norman Press.
O'Conner J, Orsmond D. 2007. The recent rise in commodity prices: a long-run perspective. Sydney: Reserve Bank of Australia.
Oregon Department of State Lands. 2021. Use of state-owned land. Retrieved from Oregon.gov: https://www.oregon.gov/DSL/Land/Pages/Land.aspx
Pevar S. 2002. The rights of indians and tribes: the authoritative ACLU guide to Indian and tribal rights - 3rd edition. Southern Illinois University Press.
Prodan M. 1968. Forest biometrics. Munich: Pergamon. Retrieved from https://www.elsevier.com/books/forest-biometrics/prodan/978-0-08-012441-4
Prucha F. 1962. American indian policy in the formative years: the indian trade and intercourse acts, 1790-1834. Cambridge, MA: Harvard University Press.
Ramage MH, Burridge H, Busse-Wicher M, Fereday G, Reynolds T, Shah DU, Wu G, Yu L, Fleming P, Densley-Tingley D, Allwood J, Dupree P, Linden PF, Scherman O. 2017. The wood from the trees: the use of timber in construction. Renewable and Sustainable Energy Reviews, 68(1), 333-359. https://doi.org/10.1016/j.rser.2016.09.107
Rice G. 2008. University of Tulsa College of Law Indian Law Related Information. Retrieved May 17, 2011, from University of Tulsa: http://www.utulsa.edu/law/classes/rice/ussct_cases/NW_Bands_Shoshone_v_US_324_335.htm
Rosenkranz S, Schmitz P. 2007. Reserve prices in auctions as reference points. The Economic Journal, 117(520), 637-653.
https://doi.org/10.1111/j.1468-0297.2007.02044.x
Schlosser W. 2014. Financially optimal timber harvest timing. Maximizing financial returns from your forestland investment. L. Razor, Ed. Northwest Woodlands, 30(2), 12-15. Retrieved from http://forest-econometrics.com/wp-content/uploads/2018/08/2014-nw-mag-spring.pdf
Schlosser W. 2020. Real price appreciation forecast tool: two delivered log market price cycles in the Puget Sound markets of western Washington, USA, from 1992 through 2019. Journal of Forest Policy and Economics, 113(102114), 9.
https://doi.org/10.1016/j.forpol.2020.102114
Schlosser W, Armstrong W, Schlosser B. 2011. Upper quinault river salmon habitat restoration NEPA compliance. Pullman, WA: Kamiak Ridge, LLC. Retrieved from http://resource-analysis.com/wp-content/uploads/2018/07/NEPA_EA_Final_20110722.pdf
Smith B, Harris L, McCarlie V, Stradling D, Thygerson T, Walker J, Criddle RS, Hansen L. 2002. Time, plant growth, respiration, and temperature. In: Handbook of Plant and Crop Physiology (Second ed.). New York: Marcel Dekker, Inc.
Smith TM, Smith RL. 2012. Elements of ecology (8th edition). Glenview, IL, USA: Pearson Education, Inc.
Sommers P. 2001. Monitoring socioeconomic trends in the northern spotted owl region: framework, trends update, and community level monitoring recommendations. U.S. Geological Survey, Forest and Rangeland Ecosystem Science Center, Cascadia Field Station, College of Forest Resources, University of Washington (p. 56). Seattle: University of Washington. Retrieved from http://www.reo.gov/monitoring/socio/
The American Indian Civics Project. 1999. Chronological historical overview. Retrieved August 5, 2011, from American Indian Issues: http://americanindiantah.com/history/cron_1934_1960.html
Thomas J, Forsman E, Lint J, Meslow E, Noon B, Verner J. 1990. A conservation strategy for the northern spotted owl: a report to the Interagency Scientific Committee to address the conservation of the northern spotted owl. Washington, D.C.: U.S. Forest Service, U.S. Fish and Wildlife Service, and National Park Service. https://doi.org/10.5962/bhl.title.124040
Tobin M. 2013. Timber harvest falls in national forests. Retrieved from EcoWest: http://ecowest.org/2013/05/28/timber-harvest-falls-in-national-forests/
Turner R, Daily G. 2008. The ecosystem services framework and natural capital conservation. Environmental and Resource Economics, 39(1), 25-35. https://doi.org/10.1007/s10640-007-9176-6
USFS. 2005. Northwest forest plan-the first 10 years (1994-2003): status and trends of northern spotted owl populations and habitat. In J. Lint (Ed.), USDA Forest Service || Gen. Tech. Rep. PNW-GTR-648 (p. 176). Portland, OR: U.S. Department of Agriculture, Forest Service, Pacific Northwest Research Station.
USFS. 2006. Threatened, endangered or sensitive species - Protection Management. Custer, SD: United States Forest Service, Land and Resource Management Plan, Phase II Amendment.
USPAP. 2018. 2018-2019 Uniform Standards of Professional Appraisal Practice (USPAP). Retrieved April 10, 2018, from Appraisal Standards Board: http://www.uspap.org/
Visco I. 1984. Price expectations in rising inflation (Vol. 152). North Holland, The Netherlands: Elsavier.
WaDNR. 2021. Washington State Department of Natural Resources. Retrieved from Beneficiaries: https://www.dnr.wa.gov/beneficiaries
Wilkins DE. 1997. American indian sovereignty and the U.S. Supreme Court: the masking of justice. University of Texas Press .
Willassen Y. 1998. The stochastic rotation problem: a generalization of Faustmann's formula to stochastic forest growth. Journal of Economic Dynamics and Control, 22(4), 573-596. https://doi.org/10.1016/S0165-1889(97)00071-7
World Bank. 2021. Global economic prospects. Washington, DC: International Bank for Reconstruction and Development / The World Bank.
https://doi.org/10.1596/978-1-4648-1612-3
Wykoff W, Crookston N, Stage A. 1982. User's guide to the stand prognosis model. Ogden, UT: USDA Forest Service, Intermountain Forest and Range Experiment Station. https://doi.org/10.5962/bhl.title.109367
Avery T, Burkhart H. 2002. Forest measurements (5th ed.). New York: McGraw Hill.
BG-FRS. 2015. Decisions regarding monetary policy implementation. St. Louis: Board of Governors of the Federal Reserve System.
BLS. 2021. CPS news releases. Retrieved May 5, 2021, from Bureau of Labor Statistics: http://www.bls.gov/cps/
Brent W, Steiner E. 2017. Economic fundamentals, capital expenditures and asset dispositions. Pennsylvania State University, Smeal College of Business, University Park, PA. Retrieved from https://ecommons.cornell.edu/bitstream/handle/1813/71360/Steiner23_Economic.pdf
Brown J, Gillooly J, Allen A, Savage V, West G. 2004. Toward a metabolic theory of ecology. Ecology, 85(7), 1771-1789.
https://doi.org/10.1890/03-9000
Buck C. 2008. Encyclopedia of race, ethnicity, and society. Retrieved July 21, 2010, from Bureau of Indian Affairs: http://christopherbuck.com/Buck_PDFs/Buck_B.I.A._2008.pdf
Burger J, Kelting D. 1999. Using soil quality indicators to assess forest stand management. Forest Ecology and Management, 122, 155-166.
https://doi.org/10.1016/S0378-1127(99)00039-0
Burkhart HE, Gregoire T. 2005. Forest biometrics. In Handbook of Statistics (Vol. 12, pp. 377-407). Elsevier.
https://doi.org/10.1016/S0169-7161(05)80013-6
Chasan DJ. 2000. A trust for all the people: rethinking the management of Washington's State Forests. Seattle University, Seattle University Law Review. Retrieved from https://digitalcommons.law.seattleu.edu/cgi/viewcontent.cgi?article=1650&context=sulr
Clary D. 1986. Timber and the forest service. Lawrency, KS: University ofo Kansas Press.
Cobell vs. Salazar, 1:96-cv-01285-TFH (US DIstrict Court of Columbia 12 10, 2010). Retrieved from http://www.indiantrust.com/docs/sa_1_19_11.pdf
D&D Larix. 2023. Parcel 16N04E0416324016. W. Schlosser, Editor, & FRASS, Producer. Retrieved from FRASS: https://frass.forest-econometrics.com/Parcels
Dana S, Fairfax S. 1980. Forest and range policy. New York, NY: McGraw-Hill.
Fish and Wildlife Service. 1990. Federal Register 55 FR 26114-26194. DEPARTMENT OF THE INTERIOR. Wa DC: Federal Register. Retrieved from https://www.fws.gov/arcata/es/birds/NSO/documents/1990%20Determination%20of%20Threatened%20Status%20NSO%2055%20FR%2028114%20reduced.pdf
Forest Econometrics. 2023. FRASS Appraisal Augmentation. W. Schlosser, Editor, & D&D Larix, LLC. Retrieved from Forestland Financial Optimization: http://forest-econometrics.com/actionable-reports/frass-appraisal-augmentation/
Frankel J. 2008. The effect of interest rates on commodity prices. Cambridge: Harvard University. Retrieved from https://sites.hks.harvard.edu/fs/jfrankel/CP.htm#The central claim
FVS. 2018. Forest vegetation simulator. Retrieved May 19, 2018, from US Forest Service: https://www.fs.fed.us/fvs/index.shtml
Galloway C. 1995. The American Revolution in indian country: crisis and diversity in native american communities. Cambridge University . Cambridge University Press. https://doi.org/10.1017/CBO9780511816437
Hall-Widdoss. 2006. Appraisal of 'highly fractionalized interest' on indian lands. Spearfish, South Dakota: Hall-Widdoss & Co., Inc.
Hartwick J, Olewiler N. 1998. The economics of natural resource use (Vol. Second Edition). New York, NY, USA: Addison Wesley Longman.
Hubbard G, O'Brien A. 2015. Economics. Pearson/Prentice Hall.
Husch B, Miller C, Beers T. 1982. Forest mensuration. New York: Wiley.
Ikonnikova SA, Neyra Vd, Berdysheva S. 2022. Investment choices and production dynamics: The role of price expectations, financial deficit, and production constraints. Journal of Economics and Business, 120, 22. https://doi.org/10.1016/j.jeconbus.2022.106067
IVCS. 2017. International valuation standards. London: International Valuation Standards Council. Retrieved from http://www.cas.org.cn/docs/2017-01/20170120142445588690.pdf
Keir JC, Keir RC. 1993. Opportunity cost: a measure of prejudgment interest. The Business Lawyer, 39(1), 129-152. Retrieved from https://www.jstor.org/stable/40686544
Kimbell A, Hickman C, Brown H. 2010. How do taxes affect America's private forestland owners? Journal of Forestry, 93-102. Retrieved from https://timbertax.org/taxpolicy/TaxesAffectLandowners.pdf
King J. 1966. Site index curves for Douglas-fir in the Pacific Northwest. Weyerhaeuser Company. Centralia, WA: Weyerhaeuser Forestry Research Center.
Levy D. 1985. The transactions cost approach to vertical integration: an empirical examination. The Review of Economics and Statistics, 67(3), 438-445. https://doi.org/10.2307/1925972
Library of Congress. 2009. Department of Interior. Retrieved August 5, 2011, from Indian Reorganization Act: http://library.doi.gov/images/Haas.TenYears.pdf
Majumdar I, Teeter L, Butler B. 2008. Characterizing family forest owners: a cluster analysis approach. Forest Science, 54(2), 176-184. Retrieved from https://www.researchgate.net/publication/233562550_Characterizing_Family_Forest_Owners_A_Cluster_Analysis_Approach
Markowski-Lindsay M, Catanzaro P, Milman A, Kittredge D. 2016. Understanding family forest land future ownership and use: exploring conservation bequest motivations. Springer Nature, 15(2), 241-256. https://doi.org/10.1007/s11842-015-9320-z
NLRAG. 2011. Official log scaling and grading bureaus. January 1, 2011 Edition ed., Vol. Northwest Log Rules Advisory Group. 7th, Ed. Lacey, WA, USA: Pacific Rim Log Scaling Bureau, Inc.
O'Brien S. 1989. American indian tribal governments. University of Oklahoma: Norman Press.
O'Conner J, Orsmond D. 2007. The recent rise in commodity prices: a long-run perspective. Sydney: Reserve Bank of Australia.
Oregon Department of State Lands. 2021. Use of state-owned land. Retrieved from Oregon.gov: https://www.oregon.gov/DSL/Land/Pages/Land.aspx
Pevar S. 2002. The rights of indians and tribes: the authoritative ACLU guide to Indian and tribal rights - 3rd edition. Southern Illinois University Press.
Prodan M. 1968. Forest biometrics. Munich: Pergamon. Retrieved from https://www.elsevier.com/books/forest-biometrics/prodan/978-0-08-012441-4
Prucha F. 1962. American indian policy in the formative years: the indian trade and intercourse acts, 1790-1834. Cambridge, MA: Harvard University Press.
Ramage MH, Burridge H, Busse-Wicher M, Fereday G, Reynolds T, Shah DU, Wu G, Yu L, Fleming P, Densley-Tingley D, Allwood J, Dupree P, Linden PF, Scherman O. 2017. The wood from the trees: the use of timber in construction. Renewable and Sustainable Energy Reviews, 68(1), 333-359. https://doi.org/10.1016/j.rser.2016.09.107
Rice G. 2008. University of Tulsa College of Law Indian Law Related Information. Retrieved May 17, 2011, from University of Tulsa: http://www.utulsa.edu/law/classes/rice/ussct_cases/NW_Bands_Shoshone_v_US_324_335.htm
Rosenkranz S, Schmitz P. 2007. Reserve prices in auctions as reference points. The Economic Journal, 117(520), 637-653.
https://doi.org/10.1111/j.1468-0297.2007.02044.x
Schlosser W. 2014. Financially optimal timber harvest timing. Maximizing financial returns from your forestland investment. L. Razor, Ed. Northwest Woodlands, 30(2), 12-15. Retrieved from http://forest-econometrics.com/wp-content/uploads/2018/08/2014-nw-mag-spring.pdf
Schlosser W. 2020. Real price appreciation forecast tool: two delivered log market price cycles in the Puget Sound markets of western Washington, USA, from 1992 through 2019. Journal of Forest Policy and Economics, 113(102114), 9.
https://doi.org/10.1016/j.forpol.2020.102114
Schlosser W, Armstrong W, Schlosser B. 2011. Upper quinault river salmon habitat restoration NEPA compliance. Pullman, WA: Kamiak Ridge, LLC. Retrieved from http://resource-analysis.com/wp-content/uploads/2018/07/NEPA_EA_Final_20110722.pdf
Smith B, Harris L, McCarlie V, Stradling D, Thygerson T, Walker J, Criddle RS, Hansen L. 2002. Time, plant growth, respiration, and temperature. In: Handbook of Plant and Crop Physiology (Second ed.). New York: Marcel Dekker, Inc.
Smith TM, Smith RL. 2012. Elements of ecology (8th edition). Glenview, IL, USA: Pearson Education, Inc.
Sommers P. 2001. Monitoring socioeconomic trends in the northern spotted owl region: framework, trends update, and community level monitoring recommendations. U.S. Geological Survey, Forest and Rangeland Ecosystem Science Center, Cascadia Field Station, College of Forest Resources, University of Washington (p. 56). Seattle: University of Washington. Retrieved from http://www.reo.gov/monitoring/socio/
The American Indian Civics Project. 1999. Chronological historical overview. Retrieved August 5, 2011, from American Indian Issues: http://americanindiantah.com/history/cron_1934_1960.html
Thomas J, Forsman E, Lint J, Meslow E, Noon B, Verner J. 1990. A conservation strategy for the northern spotted owl: a report to the Interagency Scientific Committee to address the conservation of the northern spotted owl. Washington, D.C.: U.S. Forest Service, U.S. Fish and Wildlife Service, and National Park Service. https://doi.org/10.5962/bhl.title.124040
Tobin M. 2013. Timber harvest falls in national forests. Retrieved from EcoWest: http://ecowest.org/2013/05/28/timber-harvest-falls-in-national-forests/
Turner R, Daily G. 2008. The ecosystem services framework and natural capital conservation. Environmental and Resource Economics, 39(1), 25-35. https://doi.org/10.1007/s10640-007-9176-6
USFS. 2005. Northwest forest plan-the first 10 years (1994-2003): status and trends of northern spotted owl populations and habitat. In J. Lint (Ed.), USDA Forest Service || Gen. Tech. Rep. PNW-GTR-648 (p. 176). Portland, OR: U.S. Department of Agriculture, Forest Service, Pacific Northwest Research Station.
USFS. 2006. Threatened, endangered or sensitive species - Protection Management. Custer, SD: United States Forest Service, Land and Resource Management Plan, Phase II Amendment.
USPAP. 2018. 2018-2019 Uniform Standards of Professional Appraisal Practice (USPAP). Retrieved April 10, 2018, from Appraisal Standards Board: http://www.uspap.org/
Visco I. 1984. Price expectations in rising inflation (Vol. 152). North Holland, The Netherlands: Elsavier.
WaDNR. 2021. Washington State Department of Natural Resources. Retrieved from Beneficiaries: https://www.dnr.wa.gov/beneficiaries
Wilkins DE. 1997. American indian sovereignty and the U.S. Supreme Court: the masking of justice. University of Texas Press .
Willassen Y. 1998. The stochastic rotation problem: a generalization of Faustmann's formula to stochastic forest growth. Journal of Economic Dynamics and Control, 22(4), 573-596. https://doi.org/10.1016/S0165-1889(97)00071-7
World Bank. 2021. Global economic prospects. Washington, DC: International Bank for Reconstruction and Development / The World Bank.
https://doi.org/10.1596/978-1-4648-1612-3
Wykoff W, Crookston N, Stage A. 1982. User's guide to the stand prognosis model. Ogden, UT: USDA Forest Service, Intermountain Forest and Range Experiment Station. https://doi.org/10.5962/bhl.title.109367
Article Sidebar
Published
Mar 13, 2023
Article Details
How to Cite
Schlosser, W. (2023). Growth and decay: forest landowner impatience factor. Journal of Forest Business Research, 2(1), 38–67. https://doi.org/10.62320/jfbr.v2i1.8
Issue
Section
Forest business notes
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal the right of first publication with the work simultaneously licenced under a Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in the journal. The journal retains no copyright.
