ABSTRACT
One of the most popular examples in capital theory is the tree model. Its pedigree can be traced at least to the Part III of von Thunen's Der Isolierte Staat,1 while its modern version2 is an exact paraphrase of the Wicksellian wine model.3 In such a “pure aging” process (according to Haavelmo's classification),4 the Jevons formula5 can be derived at a single stroke. Perhaps it seems rather paradoxical that while most economists are exploiting the pedagogical simplicity of the tree model, specialists in forestry economics are left without any usable model for operational purposes.
