Did Pressler Understand how to Use the Indicator Per Cent
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.
|Date of creation:||18 Mar 2009|
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- Michael Scorgie & John Kennedy, 1996. "Who Discovered the Faustmann Condition?," History of Political Economy, Duke University Press, vol. 28(1), pages 77-80, Spring.
- K. E. Boulding, 1935. "The Theory of a Single Investment," The Quarterly Journal of Economics, Oxford University Press, vol. 49(3), pages 475-494.
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