Economically derived yields for even- and uneven-aged stands

We propose an approach to develop economic-based yields for even- and uneven-aged stands that could be compared with yields generated by using silvicultural treatments. Economic-based yields are derived from economic parameters that describe markets and the landowner's ownership goals and objectives. This study highlights five conclusions. First, economicbased yields define a lower bound on silvicultural-based yields required to just satisfy these economic parameters and provide a metric of confidence that a silvicultural prescription would increase (or decrease) the landowner's wealth. Second, a main driver of the economic-based yields is the opportunity costs of the reserve growing stock or regeneration costs and the land. Third, the economic-based yields followed a similar pattern regardless of whether the stand was defined as even- or uneven-aged. Fourth, the economic-based yields illustrate the physical impacts that recreational leases, taxes, or the sale of nontimber forest ecosystem goods and services have on this lower bound. Finally, if the economic-based yields are greater than the silvicultural-based yields and if physical output estimates could be derived for the suite of nontimber forest ecosystem goods and services resulting from the forest structure, then implied economic values for this suite of goods and services could be derived using the models presented.