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 …

In this paper, we propose to analyse the choice of risk management activity made by a non-industrial private forest … owner who derives utility from consumption and from the sentimental value of the forest that bears a risk of disaster. We … that risk aversion increases the level of insurance demand and selfinsurance activity, extending this standard result …

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 …

, attitudes toward risk, stand value, and the magnitude and frequency of the public compensation on insurance expenditures and on …

. We show that: 1/ the harvesting rule, in the presence of amenity services and a random growth rate for forest, is smaller … substitutable tools for the management of natural hazards. However, our analysis predicts that the harvesting rule displays a …

owners continuously harvest several species, more than one harvesting strategy can be optimal. Which one it is depends on the … harvesting of one tree species is preferred, the optimal period between each harvesting occasions depends on other species …