Brunette, Marielle; Couture, Stéphane; Langlais, Eric - Laboratoire d'Économie Forestière, Département … - 2009
uncertainty about timber production. Two types of hedging strategies with harvesting decisions are studied: a financial practice … versus a physical one. We develop a two-period model of hedging and harvesting decisions when the forest owner values the … amenity services of forest. We study the properties of optimal current and future harvesting and hedging decisions. We show …