. Timber value-- a matter of choice : a study of how end use asssumptions affect timber values. Forests and forestry Economic aspects; Timber Economic aspects. I I â I â I I I I I I I 1 1 1 1 1 1 L OCT. JAN. APR. JULY OCT. JAN. APR. 1962 1963 | 1964 Figure 6. Stand values by use assumption, 1963. Assume that it is the end of 1962 and all decisionmakers are given a vision of 1963 which they all firmly believe (fig. 6). Each decisionmaker has certain constraints under which he operates regardless of his knowledge. Assume that the seller is con- strained by the following requirements: 1. He must
. Timber value-- a matter of choice : a study of how end use asssumptions affect timber values. Forests and forestry Economic aspects; Timber Economic aspects. I I â I â I I I I I I I 1 1 1 1 1 1 L OCT. JAN. APR. JULY OCT. JAN. APR. 1962 1963 | 1964 Figure 6. Stand values by use assumption, 1963. Assume that it is the end of 1962 and all decisionmakers are given a vision of 1963 which they all firmly believe (fig. 6). Each decisionmaker has certain constraints under which he operates regardless of his knowledge. Assume that the seller is con- strained by the following requirements: 1. He must sell the timber during 1963. 2. He must appraise the timber as if "peeler" logs will be peeled and "saw logs" will be sawed. 3. He must base his appraised value on the previous 3-month's average value for the assumed timber use of the buyer. 4. The price he will accept must be greater than or equal to the value he has determined. 5. The timber will be sold on the first day of the month selected. A buyer exists who has the following constraints: 1. He will use all the timber for lumber. 2. He has limited capacity to log and process the timber such that his expected returns are distributed as follows: a. In the first month of operating the timber sale, he can get returns from lumber sales equivalent to processing up to one-eighth of the timber sale volume. 10. Please note that these images are extracted from scanned page images that may have been digitally enhanced for readability - coloration and appearance of these illustrations may not perfectly resemble the original Beuter, John H. Portland, Or. : Pacific Northwest Forest and Range Experiment Station, U. S. Dept. of Agriculture
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