LAUSR

One can suspect that capital return rate in forestry can be maximized by growing trees experiencing a value-adding assortment transition. Such a situation may or may not endure. We investigate the financial feasibility of a few harvesting schedules for a semi-shade-tolerant tree species. Some example stands have experienced commercial low thinning, whereas others have experienced young stand cleaning only. High thinning is computationally combined with quality thinning, and further growth of trees is estimated using an applicable growth model. High capital return rates are gained by diameter-limit cutting to the transition diameter between pulpwood and sawlogs. Repeated thinnings lead to a reduction in the capitalization during several decades, the system approaching a stationary state. The transient forest stands investigated show a significant excess capital return, in relation to the stationary state, and this excess return is due to transient tree size distribution. Correspondingly, capital return rate gained in rotation forestry is somewhat higher than that of stationary continuous-cover forestry, and the volumetric yield is much higher. The productive capacity of stands previously thinned from below has been apparently ruined by that treatment.