In this paper, I discuss developments of the generalized Faustmann formula since its publication in 1998. They included the formula for even-aged plantation management, uneven-aged management and forest valuation. These formula were followed by those for forest property taxation and valuation under taxation, the generalized van Kooten model, and the generalized Reed model as well as the uneven-aged management formula with carbon sequestration. The dynamic, incremental solution for the generalized Faustmann formula was then discussed. Pressler's indicator rate formula turned out to be equally applicable under the generalized Faustmann formula. Further, it enables the incorporation of risk preference to deal with the down side stumpage price risk. Lastly, modern financial instruments enables forestland owners/managers to outsource both stumpage price uncertainties and stand volume risks. With a put option, they can lock in a specific stumpage price at a future harvest date for a specific volume. With a timber insurance, they are guaranteed to get paid if the timber stand is lost in a catastrophe. The cost of the former reduces the stumpage value while the annual premium of the latter acts as an increase in the discount rate. As a result, they enable forest management decisions to be made under a certainty equivalent environment.

中文翻译：

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广义 Faustmann 公式发表 21 年后

在本文中，我讨论了广义 Faustmann 公式自 1998 年发布以来的发展。它们包括等龄人工林管理、异龄管理和森林估价的公式。遵循这些公式的还有林权税赋计价公式、广义van Kooten模型、广义Reed模型以及碳封存的不均匀龄期管理公式。然后讨论了广义 Faustmann 公式的动态增量解。Pressler 的指标率公式在广义 Faustmann 公式下同样适用。此外，它还可以纳入风险偏好以应对立木价格下跌的风险。最后，现代金融工具使林地所有者/管理者能够将立木价格的不确定性和林地数量风险外包。通过看跌期权，他们可以在未来收获日期锁定特定数量的特定立木价格。有了木材保险，如果木材林分在灾难中丢失，他们就可以得到赔偿。前者的成本降低了立木价值，而后者的年溢价则增加了贴现率。因此，它们使森林管理决策能够在确​​定性等效的环境中做出。前者的成本降低了立木价值，而后者的年溢价则增加了贴现率。因此，它们使森林管理决策能够在确​​定性等效的环境中做出。前者的成本降低了立木价值，而后者的年溢价则增加了贴现率。因此，它们使森林管理决策能够在确​​定性等效的环境中做出。