The objective of the paper is to analyze the risk management behavior of a non-industrial private forest owner under … uncertainty about the timber production. Two types of hedging strategies with harvesting decisions are studied: a financial … practice versus a physical one. We develop a two-period model of hedging and harvesting decisions when the forest owner values …

approximate optimal management. If changes are observed without too much delay, profit losses and errors in harvesting are …

. We show that: 1/ the harvesting rule, in the presence of amenity services and a random growth rate for forest, is smaller … substitutable tools for the management of natural hazards. However, our analysis predicts that the harvesting rule displays a …

owners continuously harvest several species, more than one harvesting strategy can be optimal. Which one it is depends on the … harvesting of one tree species is preferred, the optimal period between each harvesting occasions depends on other species …

owners continuously harvest several species, more than one harvesting strategy can be optimal. Which one it is depends on the … harvesting of one tree species is preferred, the optimal period between each harvesting occasions depends on other species …