Observations on Recent Forest Economics Research on Risk and Uncertainty

In an annotated bibliography of the optimal rotation literature published in 1988 (Newman, 1988), it was predicted that the deterministic rotation literature would be winding down, and that the evaluation of risk and uncertainty (R&U) was the next fundamental issue for forest economists to address. There were three justifications for this bold prediction. First, it seemed as if most of the topics regarding determining rotation age in a static world were well explored. Second, R&U issues represented important gaps in our understanding of forest management. Finally, the R&U literature was ready to expand as new techniques were being developed or...