Abstract
The influence of discount rate, (stumpage) price-size relationship, fixed entry cost and maximum permissible stocking on the rotation and thinning regime of Douglas-fir is studied using a dynamic programming model based on forward recurrence, a whole-stand diameter-free growth and yield simulator and three state descriptors. This model can be run on a personal computer. A change in the maximum permissible stocking in the first period of the rotation—which affects the risk of windthrow—has a marked effect on the thinning regime. Only with a higher discount rate and a good site quality does the maximum permissible stocking in the first period have some impact on the financial results if the rotation is considerably longer than the financially optimal rotation. Under other conditions a change in the maximum permissible stocking has no effect on the financial results. Dynamic programming proves to be useful for systematically analysing questions on rotation and thinning.
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