----------------- HES POSTING ----------------- No need for second thoughts, Dan. The reasoning goes both ways. The discount rate affects the profit maximizing harvest strategy, but like with a Ricardian corn-corn model, the returns from harvesting the trees will have to be equal to the general rate of interest. I believe that Wicksell made an argument like that, but I have not located it yet. Thanks to everybody for their stimulating responses. Michael Perelman ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]