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Martin Faustmann
Martin Faustmann was a German forester who is regarded as the father of forest economics. His 1849 analysis of the optimal rotation problem, often referred to as the Faustmann formula, remains in widespread use in natural resource valuation and policy analysis, and continues to be a topic of active research. Biography Faustmann studied Catholic theology at the University of Giessen for one semester in 1841 before turning to forestry. He completed his examinations in 1848 and became the chief forester of Dudenhofen near Darmstadt, where he remained until his death. Scientific contributions A foundational problem in the economics of forest management concerns the optimal age at which a stand should be harvested (i.e. whether it would be better to harvest and sell younger trees today, or wait for them to grow and obtain a larger timber sale revenue later). The key insight of Faustmann's formula is that because timber is a renewable resource, it is not possible to answe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Babenhausen, Hesse
Babenhausen () is a town in the Darmstadt-Dieburg district, in Hesse, Germany. Geography It is situated on the river Gersprenz, 25 km southeast of Frankfurt, and 14 km west of Aschaffenburg. South of its general borders, the mountain range of the Odenwald is situated about 15 km away. The landscape is rather flat due to the landscape forming process of the Gersprenz and other small rivers. Some sections along the Gersprenz are set aside as nature reserves with valuable plants and animals, e.g. the white stork or the kingfisher. The forests in the municipal area are mostly pine woods on ice-age dunes with heath fields. The sandy soil is regionally famous for growing white asparagus. History The town of Babenhausen includes a medieval core with a castle (12-13th century), numerous old houses and a large part of the city wall (1445). Babenhausen was chartered as a town in 1295. It belonged first to the Lords of Hanau-Münzenberg and was – after the last mal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Geometric Series
In mathematics, a geometric series is a series (mathematics), series summing the terms of an infinite geometric sequence, in which the ratio of consecutive terms is constant. For example, 1/2 + 1/4 + 1/8 + 1/16 + ⋯, the series \tfrac12 + \tfrac14 + \tfrac18 + \cdots is a geometric series with common ratio , which converges to the sum of . Each term in a geometric series is the geometric mean of the term before it and the term after it, in the same way that each term of an arithmetic series is the arithmetic mean of its neighbors. While Ancient Greek philosophy, Greek philosopher Zeno's paradoxes about time and motion (5th century BCE) have been interpreted as involving geometric series, such series were formally studied and applied a century or two later by Greek mathematics, Greek mathematicians, for example used by Archimedes to Quadrature of the Parabola, calculate the area inside a parabola (3rd century BCE). Today, geometric series are used in mathematical finance, calculati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
19th-century German Economists
The 19th century began on 1 January 1801 (represented by the Roman numerals MDCCCI), and ended on 31 December 1900 (MCM). It was the 9th century of the 2nd millennium. It was characterized by vast social upheaval. Slavery was abolished in much of Europe and the Americas. The First Industrial Revolution, though it began in the late 18th century, expanded beyond its British homeland for the first time during the 19th century, particularly remaking the economies and societies of the Low Countries, France, the Rhineland, Northern Italy, and the Northeastern United States. A few decades later, the Second Industrial Revolution led to ever more massive urbanization and much higher levels of productivity, profit, and prosperity, a pattern that continued into the 20th century. The Catholic Church, in response to the growing influence and power of modernism, secularism and materialism, formed the First Vatican Council in the late 19th century to deal with such problems and confirm ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
German Foresters
German(s) may refer to: * Germany, the country of the Germans and German things **Germania (Roman era) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizenship in Germany, see also German nationality law **Germanic peoples (Roman era) * German diaspora * German language * German cuisine, traditional foods of Germany People * German (given name) * German (surname) * Germán, a Spanish name Places * German (parish), Isle of Man * German, Albania, or Gërmej * German, Bulgaria * German, Iran * German, North Macedonia * German, New York, U.S. * Agios Germanos, Greece Other uses * German (mythology), a South Slavic mythological being * Germans (band), a Canadian rock band * "German" (song), a 2019 song by No Money Enterprise * ''The German'', a 2008 short film * "The Germans", an episode of ''Fawlty Towers'' * ''The German'', a nickname for Congolese rebel André Kisase Ngandu See also * Germanic (di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1876 Deaths
Events January * January 1 ** The Reichsbank opens in Berlin. ** The Bass Brewery Red Triangle becomes the world's first registered trademark symbol. *January 27 – The Northampton Bank robbery occurs in Massachusetts. February * February 2 ** The National League (baseball), National League of Professional Base Ball Clubs is formed at a meeting in Chicago; it replaces the National Association of Professional Base Ball Players. Morgan Bulkeley of the Hartford Dark Blues is selected as the league's first president. ** Third Carlist War (Spain): Battle of Montejurra – The new commander General Fernando Primo de Rivera marches on the remaining Carlist stronghold at Estella-Lizarra, Estella, where he meets a force of about 1,600 men under General Carlos Calderón, at nearby Montejurra. After a courageous and costly defence, Calderón is forced to withdraw. * February 14 – Alexander Graham Bell applies for a U.S. patent for the telephone, as does Elisha Gray. * Februa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1824 Births
Events January–March * January 1 – John Stuart Mill begins publication of The Westminster Review. The first article is by William Johnson Fox * January 8 – After much controversy, Michael Faraday is finally elected as a member of the Royal Society in London, with only one vote against him. * January 21 – First Anglo-Ashanti War: Battle of Nsamankow – forces of the Ashanti Empire crush British forces in the Gold Coast (British colony), Gold Coast (modern-day History of Ghana, Ghana), killing the British governor Charles MacCarthy (British Army officer), Sir Charles MacCarthy. * January 24 – The first issue of ''The Westminster Review'', the radical quarterly founded by Jeremy Bentham, is published in London. * February 10 – Simón Bolívar is proclaimed dictator of Peru. * February 20 — William Buckland formally announces the name ''Megalosaurus'', the first scientifically validly named non-avian dinosaur species. * February 21 – The Chumash Revolt of 1824 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Cost
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the ''benefit'' that would have been had if the second best available choice had been taken instead. The '' New Oxford American Dictionary'' defines it as "the loss of potential gain from other alternatives when one alternative is chosen". As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources. It incorporates all associated costs of a decision, both explicit and implicit. Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure, or any other benefit that provides utility should also be considered an opportunity cost. Types Expl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time Value Of Money
The time value of money refers to the fact that there is normally a greater benefit to receiving a sum of money now rather than an identical sum later. It may be seen as an implication of the later-developed concept of time preference. The time value of money refers to the observation that it is better to receive money sooner than later. Money you have today can be invested to earn a positive rate of return, producing more money tomorrow. Therefore, a dollar today is worth more than a dollar in the future. The time value of money is among the factors considered when weighing the opportunity costs of spending rather than saving or investing money. As such, it is among the reasons why interest is paid or earned: interest, whether it is on a bank deposit or debt, compensates the depositor or lender for the loss of their use of their money. Investors are willing to forgo spending their money now only if they expect a favorable net rate of return, return on their investment in the fut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Infinite Regress
Infinite regress is a philosophical concept to describe a series of entities. Each entity in the series depends on its predecessor, following a recursive principle. For example, the epistemic regress is a series of beliefs in which the justification of each belief depends on the justification of the belief that comes before it. An infinite regress argument is an argument against a theory based on the fact that this theory leads to an infinite regress. For such an argument to be successful, it must demonstrate not just that the theory in question entails an infinite regress but also that this regress is ''vicious''. There are different ways in which a regress can be vicious. The most serious form of viciousness involves a contradiction in the form of ''metaphysical impossibility''. Other forms occur when the infinite regress is responsible for the theory in question being implausible or for its failure to solve the problem it was formulated to solve. Traditionally, it was of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forester
A forester is a person who practises forest management and forestry, the science, art, and profession of managing forests. Foresters engage in a broad range of activities including ecological restoration and management of protected areas. Foresters manage forests to provide a variety of objectives including direct extraction of raw material, outdoor recreation, conservation, hunting and aesthetics. Emerging management practices include managing forestlands for biodiversity, carbon sequestration and air quality. Foresters work for the timber industry, government agencies, conservation groups, local authorities, urban parks boards, citizens' associations, and private landowners. The forestry profession includes a wide diversity of jobs, with educational requirements ranging from college bachelor's degrees to PhDs for highly specialized work. Industrial foresters plan forest regeneration starting with careful harvesting. Urban foresters manage trees in urban green spaces. F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discounting
In finance, discounting is a mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee.See "Time Value", "Discount", "Discount Yield", "Compound Interest", "Efficient Market", "Market Value" and "Opportunity Cost" in Downes, J. and Goodman, J. E. ''Dictionary of Finance and Investment Terms'', Baron's Financial Guides, 2003. Essentially, the party that owes money in the present purchases the right to delay the payment until some future date.See "Discount", "Compound Interest", "Efficient Markets Hypothesis", "Efficient Resource Allocation", "Pareto-Optimality", "Price", "Price Mechanism" and "Efficient Market" in Black, John, ''Oxford Dictionary of Economics'', Oxford University Press, 2002. This Financial transaction, transaction is based on the fact that most people prefer current interest to delayed interest because of Mortality salience, mortality effects, impatience effects, and Motivational sa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
