Mixed forests and finance - Methodological approaches

Ecological Economics

Volumn 65, Issue 3, 2008, Pages 590-601

  Knoke, Thomas ^a  

^a TECHNICAL UNIVERSITY OF MUNICH   (Germany)

Author keywords

Information gap decision theory; Mixed forests; Modern financial theory; Portfolio selection; Stochastic dominance

Indexed keywords

CONIFEROUS TREE; DECIDUOUS TREE; DECISION MAKING; FINANCE; FOREST ECOSYSTEM; GAP DYNAMICS; MARKET DEVELOPMENT; MIXED FOREST; STOCHASTICITY;

FAGUS; FAGUS SYLVATICA; PICEA ABIES;

EID: 40749121691     PISSN: 09218009     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ecolecon.2007.08.009     Document Type: Article

References (57)

1. Baumgarten M., and von Teuffel K. Nachhaltige Waldwirtschaft in Deutschland. In: von Teuffel K., et al. (Ed). Waldumbau (2005), Springer, Berlin, Heidelberg 1-10
2. Ben-Haim Y. Value-at-risk with info-gap uncertainty. The Journal of Risk Finance 6 (2005) 388-403
3. Ben-Haim Y. Info-Gap Decision Theory: Decisions Under Severe Uncertainty. Second edition. (2006), Elsevier and Academic Press, Amsterdam
4. Benitez P.C., Kuosmanen T., Olschewski R., and van Kooten C. Conservation payments under risk: a stochastic dominance approach. American Journal of Agricultural Economics 88 (2006) 1-15
5. Butterfield J., and Benitez Malvido J. Effect of mixed-species tree planting on the distribution of soil invertebrates. In: Cannell M.G.R., Malcolm D.C., and Robertson P.A. (Eds). The Ecology of Mixed-Species Stands of Trees (1992), Blackwell, Oxford 255-265
6. Costanza R., Daly H., Folke C., Hawken P., Holling C.S., McMichael A.J., Pimentel D., and Rapport D. Managing our environmental portfolio. Bioscience 50 (2000) 149-155
7. Cotta, H., 1828. Anweisung zum Waldbau. 4. Auflage. Leipzig: Arnoldische Buchhandlung.
8. Elmer M., La France M., Förster G., and Roth M. Changes in the decomposer community when converting monocultures to mixed Norway spruce/European beech stands. Plant and Soil 264 (2004) 97-109
9. Figge F., and Hahn T. Sustainable value added-measuring corporate contributions to sustainability beyond eco-efficiency. Ecological Economics 48 (2004) 173-187
10. Fritz, P. (ed.), 2006. Ökologischer Waldumbau in Deutschland-Fragen, Antworten, Perspektiven. München: oekom.
11. Gayer K. Der gemischte Wald (1886), Parey, Berlin
12. Gerber H.U., and Pafumi G. Utility functions: from risk theory to finance. North American Actuarial Journal 2 (1998) 74-100
13. Gotoh J., and Konno H. Third degree stochastic dominance mean-risk analysis. Management Science 46 (2000) 289-301
14. Hadar J., and Russell W.R. Rules for ordering uncertain prospects. The American Economic Review 59 (1969) 25-34
15. Halpern B.S., Regan H.M., Possingham H.P., and McCarthy M.A. Accounting for uncertainty in marine reserve design. Ecology Letters 9 (2006) 2-11
16. Hartig, G.L., 1800. Anweisung zur Holzzucht für Förster. Dritte, vermehrte und verbesserte Auflage. Marburg: Akademische Buchhandlung.
17. Heal G., Chichilnisky G., and Beltratti A. Sustainable use of renewable resources. Social Science Research Network Electronic Library (1996). http://ssrn.com/abstract=1613 Available at SSRN: http://ssrn.com/abstract=1613, access in May 2007
18. Heikinnen V.-P., and Kuosmanen T. Stochastic dominance portfolio analysis of forestry assets. Finance 0210002, Economics Working Paper Archive EconWPA (2002)
19. Jactel H., Brockerhoff E., and Duelli P. A test of the biodiversity-stability theory: meta-analysis of tree species diversity effects on insect pest infestation, and re-examination of responsible factors. In: Scherer-Lorenzen, et al. (Ed). Forest Diversity and Function: Temperate and Boreal Systems. Ecological Studies 176 (2005), Springer, Berlin 235-262
20. Knoke T., and Plusczyk N. On economic consequences of transformation of a spruce (Picea abies (L.) KARST.) dominated stand from regular into irregular age structure. Forest Ecology and Management 151 (2001) 163-179
21. Knoke T., and Mosandl R. Integration ökonomischer, ökologischer und sozialer Ansprüche: Zur Sicherung einer umfassenden Nachhaltigkeit im Zuge der Forstbetriebsplanung. Forst und Holz 59 (2004) 535-539
22. Knoke T., and Moog M. Timber harvesting versus forest reserves-producer prices for open-use areas in German beech forests (Fagus sylvatica L.). Ecologcial Economics 52 (2005) 97-110
23. Knoke T., and Wurm J. Mixed forests and a flexible harvest strategy: a problem for conventional risk analysis?. European Journal of Forest Research 125 (2006) 303-315
24. Knoke, T., Hahn, A., in press. Baumartenvielfalt und Produktionsrisiken: Ein Forschungsein-und-ausblick. Schweizerische Zeitschrift für das Forstwesen.
25. Knoke, T., Seifert, T., in press. Integrating selected ecological effects of mixed European beech-Norway spruce stands in bioeconomic modelling. Ecological Modelling. doi:10.1016/j.ecolmodel.2007.08.011.
26. Knoke T., Stimm B., Ammer C., and Moog M. Mixed forests reconsidered: a forest economics contribution to the discussion on natural diversity. Forest Ecology and Management 213 (2005) 102-116
27. Knoke T., Ammer C., Stimm B., and Mosandl R. Admixing broadleaved to coniferous tree species-a review on yield, ecological stability and economics. European Journal of Forest Research (2007) online first
28. König, A., 1995. Sturmgefährdung von Beständen im Altersklassenwald: Ein Erklärungs-und Prognosemodell. Frankfurt a.M.: Sauerländer's.
29. Kouba J. Das Leben des Waldes und seine Lebensunsicherheit. Forest Ecology and Managemen 121 (2002) 211-228
30. Krysiak F.C. Entropy, limits to growth, and the prospects for weak sustainability. Ecological Economics 58 (2006) 182-191
31. Kuosmanen T. Efficient diversification according to stochastic dominance criteria. Management Science 50 (2004) 1390-1406
32. Lee W.Y., and Rao R.K.S. Mean lower partial moment valuation and lognormally distributed returns. Management Science 34 (1988) 446-453
33. Levy H. Stochastic Dominance: Investment Decision Making Under Uncertainty (1998), Kluwer, Boston
34. Lönnstedt L., and Svensson J. Return and risk in timberland and other investment alternatives for NIPF owners. Scandinavian Journal of Forest Research 15 (2000) 661-669
35. von Lüpke B., and Spellmann H. Aspects of stability, growth and natural regeneration in mixed Norway spruce-European beech stands as a basis of silvicultural decisions. In: Olsthoorn A.F.M., et al. (Ed). Management of Mixed-Species Forest: Silviculture and Economics (1999), IBN-DLO Scientific Contributions, Wageningen 245-267
36. Mandelbrot B.B., and Hudson R.L. Fraktale und Finanzen: Märkte zwischen Risiko, Rendite und Ruin (2005), Piper, München
37. Markowitz H. Portfolio selection. The Journal of Finance 7 (1952) 77-91
38. Moilanen A., Runge M.C., Elith J., Tyre A., Carmel Y., Fegraus E., Wintle B.A., Burgman M., and Ben-Haim Y. Planning for robust reserve networks using uncertainty analysis. Ecological Modelling 199 (2006) 115-124
39. Moog M., and Borchert H. Increasing rotation periods during a time of decreasing profitability of forestry-a paradox. Forest Policy and Economics 2 (2001) 101-116
40. Nichols J.D., Bristow M., and Vanclay J.K. Mixed-species plantations: prospects and challenges. Forest Ecology and Management 233 (2006) 383-390
41. Peck K.M. Tree species preferences shown by foraging birds in forest plantations in northern England. Biological Conservation 48 (1989) 41-57
42. Penttinen M., and Lausti A. The competitiveness and return components of NIPF ownership in Finland. The Finnish Journal of Business Economics Special Edition 2/2004 (2004) 143-156
43. Post T., and van Vliet P. Downside risk and asset pricing. Journal of Banking and Finance 30 (2006) 823-849
44. Pretzsch H. Diversity and productivity in forests: evidence from long-term experimental plots. In: Scherer-Lorenzen, et al. (Ed). Forest Diversity and Function: Temperate and Boreal Systems. Ecological Studies vol. 176 (2005), Springer, Berlin 41-64
45. Regan H.M., Ben-Haim Y., Langford B., Wilson W.G., et al. Robust decision making under severe uncertainty for conservation management. Ecological Applications 15 (2005) 1471-1477
46. Röhrig E., Bartsch N., and von Lüpke B. Waldbau auf ökologischer Grundlage. 7. Auflage (2006), Ulmer, Stuttgart
47. Scherer-Lorenzen M., Körner C., and Schulze E.-D. The functional significance of forest diversity: the starting point. In: Scherer-Lorenzen M., et al. (Ed). Forest Diversity and Function: Temperate and Boreal Systems. Ecological Studies 176 (2005), Springer, Berlin 3-12
48. Schütz J.-P., Götz M., Schmid W., and Mandallaz D. Vulnerability of spruce (Picea abies) and beech (Fagus sylvatica) forest stands to storms and consequences for silviculture. European Journal of Forest Research 125 (2006) 291-302
49. Sharpe W.F. Capital asset prices: a theory of market equilibrium under conditions of risk. The Journal of Finance 14 (1964) 425-442
50. Simmons E.A., and Buckley G.P. Ground vegetation under planted mixtures of trees. In: Cannell M.G.R., Malcolm D.C., and Robertson P.A. (Eds). The Ecology of Mixed-Species Stands of Trees (1992), Blackwell, Oxford 211-231
51. Smith K.W. Bird populations: effects of tree species mixtures. In: Cannell M.G.R., Malcolm D.C., and Robertson P.A. (Eds). The Ecology of Mixed-Species Stands of Trees (1992), Blackwell, Oxford 233-242
52. Spremann K. Wirtschaft, Investition und Finanzierung. 5., vollständig überarbeitete, ergänzte und aktualisierte Auflage (1996), Oldenbourg, München und Wien
53. Thomson T.A. Efficient combinations of timber and financial market investments in single-period and multiperiod portfolios. Forest Science 37 (1991) 461-480
54. Weber M.-W. Portefeuille-und Optionspreis-Theorie und forstliche Entscheidungen. Schriften zur Forstökonomie Band 23 (2002), Sauerländer's, Frankfurt a.M.
55. Weber-Blaschke G., Mosandl R., and Faulstich M. History and mandate of sustainability: from local forestry to global policy. In: Wilderer P.A., et al. (Ed). Global Sustainability (2005), WILEY-VCH, Weinheim 5-19
56. Wunder S. The Economics of Deforestation: the Example of Ecuador. St Antony's Series (2000), Macmillan Press, Houndmills
57. Zechmeister-Boltenstern S., Hackl E., Bachmann G., Pfeffer M., and Englisch M. Nutrient turnover, greenhouse gas exchange and biodiversity in natural forests of Central Europe. In: Binkley D., and Menyailo O. (Eds). Tree Species Effects on Soils: Implications for Global Change. NATO Science Series (2005), Kluwer, Dordrecht