Combining forest-level analysis with options valuation approach - A new framework for assessing forestry investment

Forest Science

Volumn 47, Issue 4, 2001, Pages 475-483

  Yin, R ^a  

^a MICHIGAN STATE UNIVERSITY   (United States)

Author keywords

Faustmann model; Landowner behavior; Market uncertainty and risk; Operation decisions; Profit function; Stochastic price processes

Indexed keywords

INVESTMENTS; PRODUCTION; TIMBER;

LAND ACQUISITION;

FORESTRY;

EID: 0035157534     PISSN: 0015749X     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (40)

1. Modeling ecological constraints on tropical forest management: Spatial interdependence, irreversibility, and uncertainty
2. Integrating economic and ecological models for forest sector analysis
3. The private forest-land owners of the United States, 1994
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5. Timber harvesting with fluctuating prices
6. Evaluating natural resource investments
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14. Investment and hysteresis
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16. Risk preferences and adaptive harvest policies for even-aged stand management
17. Feedback thinning policies for uneven-aged stand management with stochastic prices
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23. Irreversibility, uncertainty, and investment
24. The optimal timber rotation: An option value approach
25. The tree-cutting problem in a stochastic environment
26. Predicting the financial return from a plantation investment with stochastic price and growth
27. Economics of forestry in an evolving society
28. Optimal forest rotation when stumpage prices follow a diffusion process
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31. Long-run timber supply and the economics of timber production
32. A timber producer's entry, exit, mothballing, and reactivation decisions under market risk
33. The productivity and profitability of fiber farming