Cutting rules for final fellings: A mean-variance portfolio analysis

Journal of Forest Economics

Volumn 5, Issue 2, 1999, Pages 269-284

  Heikkinen, Veli Pekka ^a  

^a HELSINKI SCHOOL OF ECONOMICS   (Finland)

Author keywords

Cutting rules; Forest management; Portfolio optimisation

Indexed keywords

FORESTRY PRODUCTION; HARVESTING; METHODOLOGY; TIMBER HARVESTING;

FINLAND;

EID: 0032695192     PISSN: 11046899     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (24)

1. Aarne, M.(ed.), 1994. Yearbook of Forest Statistics 1993-94. The Finnish Forest Research Institute.
2. Binkley, C.S., 1987. Economic Models of Timber Supply. In M. Kallio, D.P. Dykstra & C.S. Binkley (eds.). The Global Forest Sector: An Analytical Perspective (John Wiley & Sons).
3. Binkley, C.S., Raper C.F. & Washburn C.L., 1996. Institutional Ownership of US Timberland. History, Rationale and Implications for Forest Management. Journal of Forestry, 94(9): 21-28.
4. Collins, R.A. & Barry P.J., 1986. Risk Analysis with Single-index Portfolio Models: An Application to Farm Planning. American Journal of Agricultural Economics, 68:152-161.
5. Elton, E.J. & Gruber, M.J., 1995. Modern Portfolio Theory and Investment Analysis. Fifth edition (John Wiley & Sons, Inc).
6. Faustmann, M., 1849. Calculation of the Value which Forest Land and Immature Stands Possess for Forestry. Republished with permission from Commonwealth Forestry Association in Journal of Forest Economics, 1(1):7-44.
7. Forboseh, P.F., Brazee, R.J. & Pickens, J.B., 1996. A Strategy for Multiperiod Stand Management with Uncertain Future Prices. Forest Science, 42(1):58-66.
8. Haight, R.G., 1991. Stochastic Log Price, Land Value and Adaptive Stand Management: Numerical Results for California White Fir. Forest Science, 37(5):1224-1238.
9. Haight, R.G. & Smith, W.D., 1991. Harvesting Loblolly Pine Plantations with Hardwood Competition and Stochastic Prices. Forest Science, 37(5):1266-1282.
10. Hazell, P.B.R., 1971. A Linear Alternative to Quadratic and Semivariance Programming for Farm Planning under Uncertainty. American Journal of Agricultural Economics, 53:53-62.
11. Ingersoll, J., 1987. Theory of Financial Decision Making (Rowman & Littlefield).
12. Lausti, A. & Penttinen, M., 1998. The Analysis of Return and Its Components of Non-industrial Private Forest Ownership by Forestry Board Districts in Finland. Silva Fennica, 32(1):75-94.
13. Markowitz, H., 1952. Portfolio Selection. The Journal of Finance, 7:77-91.
14. Mills, W.L. & Hoover, W.L., 1982. Investment in Forest Land: Aspects of Risk and Diversification. Land Economics, 58(1): 33-51.
15. Ollikainen, M., 1996. Essays on Timber Supply and Forest Taxation. Government Institute for Economic Research. Helsinki.
16. Penttinen, M., Lausti A., Kasanen E. & Puttonen V., 1996. Risk and Returns in Forest Investments in Finland. Liiketaloudellinen aikakauskirja, 1996(1):111-124.
17. Redmond, C.H. & Cubbage, F.W., 1988. Portfolio Risk and Returns from Timber Asset Investment. Land Economics, 64(4):325-337.
18. Tahvonen, O. & Salo, S., 1999. Optimal Forest Rotation with In Situ Preferences. Journal of Environmental Economics and Management, 37:106-128.
19. Taylor, R.G. & Fortson J.C., 1991. Optimum Plantation Planting Density and Rotation Age Based on Financial Risk and Return. Forest Science, 37(3):886-902.
20. Thomson, T.A., 1991. Efficient combinations of timber and financial market investments in single-period and multiperiod portfolios. Forest Science, 37(2):461-480.
21. Tilli, T., 1996. Valtakunnallisen puun hintasopimusjärjestelmän purkautumisen vaikutus metsäpääomaan sisältyvään riskiin: Puun ennustamaton hintavaihtelu riskin mittarina Suomessa vuosina 1985-91 ja 1991-93. (In Finnish). Licenciate thesis, University of Helsinki.
22. Wagner, J.E. & Rideout, D.B., 1991. Evaluating Forest Management Investments: The Capital Asset Pricing and The Income Growth Model. Forest Science, 37(6):1591-1604.
23. Washburn C.L. & Binkley C.S., 1990. On The Use of Period-average Stumpage Prices to Estimate Forest Asset Pricing Models. Land economics, 66(4): 379-393.
24. Zhang, D. & Binkley, C.S., 1993.The Informational Efficiency of The Vancouver Logmarket and The Financial Risk of Holding Logs in Storage. Canadian Journal of Forest Research, 24: 550-557.