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[NOTE: The message to which this is responding originally appeared in  
October 1998. -- RBE] 
 
See:  Scorgie, Michael E., 1996.  "Evolution of the Application of Present 
Value to Valuation of Non-monetary Resources."  Accounting and Business 
Research (UK),  26(3):237-248.  This is available as a reprint from 
University Microfilms.  Scorgie is at LaTrobe University, Bundoora, 
Victoria, Australia. 
 
Scorgie points out that while Faustmann and other German and Austrian 
foresters are often credited with originating the technique in the 19th 
century there are various references that trace the technique as far back 
as 
the Great Fire of London.  Roots are traced back significantly earlier. 
This is a fascinating article, well worth reading. 
 
Scott Cullen 
 
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