=============== 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 [log in to unmask] ============ FOOTER TO HES POSTING ============ For information, send the message "info HES" to [log in to unmask]