A non-stochastic portfolio model for optimizing the transformation of an even-aged forest stand to continuous cover forestry when information about return fluctuation is incomplete

Messerer, Katharina; Pretzsch, Hans; Knoke, Thomas

doi:10.1007/s13595-017-0643-0

Annals of Forest Science

Table 5 Correlations of the annuities between all rotation age cohorts

From: A non-stochastic portfolio model for optimizing the transformation of an even-aged forest stand to continuous cover forestry when information about return fluctuation is incomplete

Rotation age cohorts	Sp 30	Sp 40	Sp 50	Sp 60	Sp 70	Sp 80	Sp 90	Sp 100	Be 40	Be 50	Be 60	Be 70	Be 80	Be 90	Be 100	Be 110	Be 120
Sp 30	1	0.133	0.140	0.127	0.122	0.122	0.123	0.106	0.007	0.003	−0.003	−0.007	−0.004	0.009	0.008	0.015	0.003
Sp 40	0.133	1	0.258	0.253	0.235	0.227	0.231	0.212	0.000	−0.003	0.004	−0.013	−0.004	−0.007	−0.010	−0.008	−0.010
Sp 50	0.140	0.258	1	0.347	0.334	0.324	0.307	0.290	0.003	−0.011	−0.022	−0.011	−0.003	−0.010	−0.015	−0.011	−0.016
Sp 60	0.127	0.253	0.347	1	0.403	0.394	0.370	0.348	−0.004	−0.001	−0.008	−0.015	0.000	−0.012	−0.008	0.006	−0.004
Sp 70	0.122	0.235	0.334	0.403	1	0.475	0.444	0.413	−0.017	−0.001	0.000	−0.014	0.006	−0.004	0.003	0.004	−0.002
Sp 80	0.122	0.227	0.324	0.394	0.475	1	0.508	0.484	−0.016	−0.013	−0.008	−0.013	−0.003	−0.008	−0.008	−0.004	−0.010
Sp 90	0.123	0.231	0.307	0.370	0.444	0.508	1	0.554	−0.014	0.002	0.003	−0.016	0.001	−0.005	−0.003	−0.013	−0.003
Sp 100	0.106	0.212	0.290	0.348	0.413	0.484	0.554	1	−0.014	0.003	0.001	0.000	0.000	−0.007	0.005	−0.002	−0.009
Be 40	0.007	0.000	0.003	−0.004	−0.017	−0.016	−0.014	−0.014	1	0.173	0.166	0.157	0.164	0.164	0.150	0.145	0.146
Be 50	0.003	−0.003	−0.011	−0.001	−0.001	−0.013	0.002	0.003	0.173	1	0.258	0.246	0.241	0.248	0.241	0.230	0.213
Be 60	−0.003	0.004	−0.022	−0.008	0.000	−0.008	0.003	0.001	0.166	0.258	1	0.323	0.304	0.312	0.300	0.294	0.267
Be 70	−0.007	−0.013	−0.011	−0.015	−0.014	−0.013	−0.016	0.000	0.157	0.246	0.323	1	0.380	0.384	0.369	0.350	0.338
Be 80	−0.004	−0.004	−0.003	0.000	0.006	−0.003	0.001	0.000	0.164	0.241	0.304	0.380	1	0.451	0.422	0.418	0.394
Be 90	0.009	−0.007	−0.010	−0.012	−0.004	−0.008	−0.005	−0.007	0.164	0.248	0.312	0.384	0.451	1	0.513	0.480	0.471
Be 100	0.008	−0.010	−0.015	−0.008	0.003	−0.008	−0.003	0.005	0.150	0.241	0.300	0.369	0.422	0.513	1	0.557	0.533
Be 110	0.015	−0.008	−0.011	0.006	0.004	−0.004	−0.013	−0.002	0.145	0.230	0.294	0.350	0.418	0.480	0.557	1	0.587
Be 120	0.003	−0.010	−0.016	−0.004	−0.002	−0.010	−0.003	−0.009	0.146	0.213	0.267	0.338	0.394	0.471	0.533	0.587	1

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ISSN: 1297-966X

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