Multi-stand Forest Management under a Climatic Risk: Do Time and Risk Preferences Matter? | Zendy

Stéphane Couture | Zendy; Arnaud Reynaud | Zendy

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Multi-stand Forest Management under a Climatic Risk: Do Time and Risk Preferences Matter?

Author(s) -

Stéphane Couture,

Arnaud Reynaud

Publication year - 2007

Publication title -

environmental modeling and assessment

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.456

H-Index - 49

eISSN - 1573-2967

pISSN - 1420-2026

DOI - 10.1007/s10666-007-9121-7

Subject(s) - risk aversion (psychology) , stochastic programming , order (exchange) , consumption (sociology) , forest management , risk management , dynamic programming , computer science , expected utility hypothesis , economics , environmental resource management , operations research , risk analysis (engineering) , environmental economics , mathematical optimization , business , environmental science , mathematics , mathematical economics , agroforestry , finance , social science , sociology

We propose a stochastic dynamic framework to model the management of a multi-stand forest under climate risk(strong wind occurrence). The preferences of the forest-owner are specified by a non-expected utility in order to separately analyse intertemporal substitution and risk aversion effects. A numerical method is developed to characterize the optimal forest management policies and the optimal consumption-saving strategy. The stochastic dynamic programming framework is applied to a non-industrial private forest-owner located in the North-East of France. We show that the optimal decisions both depend upon risk and time preference

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