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Did Pressler Understand how to Use the Indicator Per Cent

Author

Listed:
  • Gong, Peichen

    () (Faculty of Forest Sciences)

  • Löfgren, Karl-Gustaf

    () (Department of Economics, Umeå University)

Abstract

A classical problem in forestry is the determination of the optimal rotation. This problem was solved during the 19th century, by German forest mathematicians. Martin Faustmann deserves some of the fame. However, he did not explicitly derive the conditions for an optimal solution. His contender is Max Robert Pressler. He invented the concept of Indicator Per Cent, which can be used to determine whether a stand is mature for harvesting or not. Did Pressler fully realize this? Having analyzed some of the relevant literature our answer is no.

Suggested Citation

  • Gong, Peichen & Löfgren, Karl-Gustaf, 2009. "Did Pressler Understand how to Use the Indicator Per Cent," Umeå Economic Studies 764, Umeå University, Department of Economics.
  • Handle: RePEc:hhs:umnees:0764
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    File URL: http://www.econ.umu.se/DownloadAsset.action?contentId=46157&languageId=3&assetKey=ues764
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    References listed on IDEAS

    as
    1. Michael Scorgie & John Kennedy, 1996. "Who Discovered the Faustmann Condition?," History of Political Economy, Duke University Press, vol. 28(1), pages 77-80, Spring.
    2. K. E. Boulding, 1935. "The Theory of a Single Investment," The Quarterly Journal of Economics, Oxford University Press, vol. 49(3), pages 475-494.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Optimal rotation; Die Weiserprocent (The Indicator Per Cent);

    JEL classification:

    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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