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| Date: | Fri Mar 31 17:19:13 2006 |
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=============== HES POSTING =========================
The reference is to Martin Faustmannn, "Berechnung des Werthes, welchen
Walboden sowie mach nicht haubare Holzbestande fuer die Waldwirtschaft
besitzen," _Allgemeine Forst und Jagd Zeitung_ 15 (1849), 441-455, translated
in M. Gane, _Martin Faustmann and the Evolution of Discounted Cash Flow_,
Oxford Commonwealth Forestry Institute, Paper no. 42 (1968). See K. Lofgren,
"The Faustmann-Ohlin Theorem: A Historical Note," _History of Political
Economy_ 15 (1983), 261-264. As far as I know, Faustmann was the first to
write about the calculation of present discounted value.
Robert Dimand
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