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dc.contributor.authorBreen, James*
dc.contributor.authorClancy, D.*
dc.contributor.authorRyan, Mary*
dc.contributor.authorWallace, Michael*
dc.date.accessioned2014-07-31T15:53:35Z
dc.date.available2014-07-31T15:53:35Z
dc.date.issued2010
dc.identifier.citationJ. Breen, D. Clancy, M. Ryan, M. Wallace. (2010) Can’t See the Wood for the Trees: The Returns to Farm Forestry in Ireland. RERC Working Paper Series 10-WP-RE-03en_GB
dc.identifier.urihttp://hdl.handle.net/11019/691
dc.descriptionworking paperen_GB
dc.description.abstractThe period 2007-2009 witnessed considerable variability in the price of outputs such as milk and cereals and this was compounded by a high degree of volatility in the price of inputs such as fertilizer, animal feed and energy. Previously, Irish farms have used the returns to off-farm employment as well as agricultural support payments such as the Single Farm Payment (SFP) and the Rural Environmental Protection Scheme (REPS) to protect their living standards against low and uncertain agricultural market returns. However, the downturn in the Irish economy has led to a reduction in the availability of off-farm employment and also the discontinuation of REPS. This may lead to an increase in afforestation on Irish farms, as forestry offers greater certainty through the provision of an annual premium in addition to the SFP. However, the decision to afforest represents a significant long-term investment decision that should not be entered into without careful economic consideration. The aim of this paper is to use the Discounted Cash Flow (DCF) analysis method to calculate the returns to forestry under alternative opportunity costs associated with conventional agricultural activities being superseded. The returns to forestry are calculated using the Forestry Investment Value Estimator (FIVE). These returns were then incorporated in the DCF model along with the returns to five conventional agricultural enterprises, which would potentially be superseded by forestry. This approach allows for the calculation of the Net Present Value (NPV) of three forestry scenarios.en_GB
dc.language.isoenen_GB
dc.publisherTeagasc, Oak Park, Carlow, Irelanden_GB
dc.relation.ispartofseriesRERC Working Paper Series;10-WP-RE-03
dc.subjectFarm forestryen_GB
dc.subjectnet present valueen_GB
dc.titleCan’t See the Wood for the Trees: The Returns to Farm Forestry in Irelanden_GB
dc.typeWorking Paperen_GB
refterms.dateFOA2018-01-12T08:07:33Z


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