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A correct aggregation of stakeholders’ preferences is a vital aspect in solving problems associated with natural resources. In fact, there is no one solution that permits the incorporation of those preferences into techniques that, in turn, may address multiple objectives in the management of...
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This paper investigates the impact of including the risk of fire in an optimal tree harvesting model at the stand level … different assumptions about hedging the risk of fire. The assumption that fire risk is fully diversifiable is contrasted with … the assumption that it can be hedged with another asset. It is conjectured that the risk-neutral probability of fire …
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The objective of the paper is to analyze the risk management behavior of a non-industrial private forest owner under … regeneration process for physical practice) and the expected risk. We show, for example, that an increase in the expected risk has …
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