... flow problems will increase for forest owners (Birot and Gollier, 2001). JEL Codes: H23, H41, I39, Q23, Q57 Cost-effectiveness cost-benefit analysis forestry conservation uncertainty risk aversion nonuse values key biotopes The VCI is calculated by the normalization...

... by the Government. © 2021 P-O. Johansson and B. Kriström 2021 P-O. Johansson and B. Kriström Licensed re-use rights only JEL Codes: H23, H41, I39, Q23, Q57 Cost-effectiveness cost-benefit analysis forestry conservation uncertainty risk aversion nonuse values key biotopes The most...

... Brownian motion and landowners are risk-averse. We solve explicitly the two-dimensional path-dependent rotation problem and demonstrate that higher interest rate volatility increases, while higher risk aversion decreases, the optimal harvesting threshold. Under risk aversion higher forest value volatility...

... for the possibility that producers are risk averse, implying that timber producers must form expectations about both price and price variance. Non-nested hypothesis tests are used to distinguish the expectations regime which best fits market data. The expectations regimes considered are naive and two quasi-rational...