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