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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