Brunette, Marielle; Couture, Stéphane; Langlais, Eric - 2009
The objective of the paper is to analyze the risk management behavior of a non-industrial private forest owner under … versus a physical one. We develop a two-period model of hedging and harvesting decisions when the forest owner values the … amenity services of forest. We study the properties of optimal current and future harvesting and hedging decisions. We show …