Abstract Regeneration lag, the cost resulting from a delay in reestablishment of a forest stand, represents an important opportunity cost̶the cost of the foregone opportunity to grow timber over the period of the delay. The land expectation value (Le) criterion is used to evaluate the costs associated with one-time-only and perpetual lags. Significant decreases in wealth, or bare land value, were found using a simplified example with real-world cost and price data. Changes in required land bases resulting from regeneration delays were also reviewed. The additional land requirements resulting from scheduled delays in regeneration can be costly.