Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Multi-stand Forest Management under a Climatic Risk: Do Time and Risk Preferences Matter?
Abstract We propose a stochastic dynamic programming 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 analyze 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 North-East of France. We show that the optimal decisions both depend upon risk and time preferences.
Multi-stand Forest Management under a Climatic Risk: Do Time and Risk Preferences Matter?
Abstract We propose a stochastic dynamic programming 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 analyze 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 North-East of France. We show that the optimal decisions both depend upon risk and time preferences.
Multi-stand Forest Management under a Climatic Risk: Do Time and Risk Preferences Matter?
Couture, Stéphane (Autor:in) / Reynaud, Arnaud (Autor:in)
Environmental Modeling & Assessment ; 13 ; 181-193
10.08.2007
13 pages
Aufsatz (Zeitschrift)
Elektronische Ressource
Englisch
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