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19 Profit maximising strategies will vary according to the size and age-class structure of the forest plantations managed by a single owner and their long-run management objectives. For example, an owner with many forest plantations of varying age-classes will have a different cash-flow requirement and roundwood production strategy to a smaller owner with a small forest plantation all of one age-class.

20 The modelling in this paper allows for harvesting to be distributed around an average rotation length and thus mimics some of the uncertainty between planned and actual rotation lengths (see Appendix 2).

21 In addition, forest plantations in the latter three countries are predominantly planted with Pinus radiata.

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