Abstract
Abstract Capital investments in treating stands of upland oaks, northern hardwoods and pines generally show an annual real return on investment of more than 4% on medium and higher sites. The highest returns occurred when precommercial treatments were followed by repeated commercial thinnings until final harvest and regeneration. To achieve maximum returns, timber stand improvement measures should be applied only to the better sites at early ages. The internal rates of return were generally insensitive to changes in volume yield total over rotation or at harvest but were sensitive to small changes in stumpage prices or treatment costs. Standards for precommercial treatments are recommended. North. J. Appl. For. 3:52-58, June 1986.
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