The objective of the paper is to analyze the risk management behavior of a non-industrial private forest owner under … uncertainty about the 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 …

practices. We show that: 1/ the harvesting rule, in the presence of amenity services and a random growth rate for forest, is … undertake sylvicultural practices, the harvesting rule displays a specific sensitivity to price effects and/or changes in the …

respect to reducing trihalomethanes (THMs) in their public drinking water system. THMs are an interesting environmental risk … to study. First they are a low-level risk created as a byproduct (via chlorination) of reducing the much larger risk of … magnitudes to respondents. Respondents were randomly assigned to different risk levels and statistical tests reject the …

support for the hypothesis that attitude to risk and attitude to ambiguity are two independent phenomena. In fact in this … experiment, decision-makers are both risk-seekers (i.e., the mean WTP for insurance is on average smaller than the expected value … of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a …

:contingent claims (CC) with risk neutral valuation and dynamic programming (DP) using a constant risk adjusted discount rate … considered for which CC and DP with a constant discount rate are consistent with each other.An optimal tree harvesting example is … (such as futures prices) that allow the estimation of the market price of risk or convenience yield. Even when such data do …

support for the hypothesis that attitude to risk and attitude to ambiguity are two independent phenomena. In fact in this … experiment, decision-makers are both risk-seekers (i.e., the mean WTP for insurance is on average smaller than the expected value … of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a …

financial risk-taking in forestry decisions. Using a two-period mean-variance setting, the harvesting decisions of NIPF owners … are examined with the aim of measuring their willingness to take risks. Since willingness to pay for reduction of risk is … empirically unobservable, I rely on an index of NIPF owners’ attitudes to risk from a hypothetical survey question involving …