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    Author(s): Thomas J. Mills; Gary E. Dixon
    Date: 1982
    Source: Res. Paper PSW-RP-166. Berkeley. CA: Pacific Southwest Forest and Range Experiment Station, Forest Service, U.S. Department of Agriculture; 8 p
    Publication Series: Research Paper (RP)
    Station: Pacific Southwest Research Station
    PDF: Download Publication  (597 KB)


    A sample of 231 independent timber investments were ranked by internal rate of return, present net worth per acre and the benefit cost ratio—the last two discounted by 3, 6.4. 7.5. and 10 percent—to determine if the different criteria had a practical influence on timber investment ranking. The samples in this study were drawn from a group of timber investments partially financed by Forestry Incentives Program costshare funds. The investment rankings were quite similar among the three criteria. Under constrained investment budgets, the benefit / cost criteria produced the investment selection with the greatest cumulative present net worth. Under less severe budget constraints, all three criteria produced investment selections with essentially the same cumulative present net worth.

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    Mills, Thomas J.; Dixon, Gary E. 1982. Ranking independent timber investments by alternative investment criteria. Res. Pap. PSW-RP-166. Berkeley, CA: U.S. Department of Agriculture, Forest Service, Pacific Southwest Forest and Range Experiment Station. 8 p.


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    internal rate of return, present net worth, benefit, cost ratio, marginal investments, perpetual rotations, multiple rates of return

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