In this paper, we first show both mathematically and empirically that the forest rent model is the wrong model to determine the optimal rotation age of a fully regulated forest as long as the standing timber has value. We then demonstrate that even if the forest is acquired for free, a fully regulated forest based on the forest rent model is actually worth more than the present value of its annual income. By converting to a fully regulated forest with a shorter rotation under the land expectation model, a higher present value of over 10% can be realized.

中文翻译：

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在完全监管的森林中揭穿林租模型谬误

在本文中，我们首先从数学上和经验上表明，只要立木有价值，林租模型是确定完全管制森林的最佳轮伐年龄的错误模型。然后我们证明，即使森林是免费获得的，基于林租模型的完全监管的森林实际上价值超过其年收入的现值。通过在土地预期模型下转换为更短轮伐期的完全管制森林，可以实现超过 10% 的更高现值。