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Forisk tracks wood-using facilities in North America’s forest products industry to study capital allocation, wood demand, and forest technology trends. Demand for logs from sawmills drives timber prices in most local markets and affects timberland values. Over the past 20 more…
With the impending vote on the American Health Care Act, there has been a tremendous amount of ink spilled regarding the cost of health insurance and its role in the economy. As the debate continues, I try to think about more…
Financial analysis depends on two basic concepts from utility theory. One, we prefer more money rather than less. Two, we prefer dollars today rather than dollars tomorrow. Not only do these principles hold for everyone from kindergarteners to investment bankers, more…
How do we value bare, naked forestland? Timberland investment models and appraisals often use a special application of net present value (NPV) called bare land value (BLV). Also known as land expectation value (LEV) or soil expectation value (SEV), BLV more…
In 1990, Nobel Prize-winning economist Daniel Kahneman and two colleagues published a study documenting how we can “overvalue” things we already own (D. Kahneman, J. Knetsch and R. Thaler, “Experimental Tests of the Endowment Effect and the Coase Theorem,” The more…