Gong, Peichen; Löfgren, Karl-Gustaf - Institutionen för Nationalekonomi, Umeå Universitet - 2005
This paper examines the effect of risk aversion on the optimal rotation age when the stumpage price is stochastic. Using a mean-variance approach, we show that the optimal rotation age under risk aversion may be lower than, equal to, or higher than the corresponding optimal rotation age under...
