Non-industrial private forest owners (NIPF owners) supply most of the roundwood in Scandinavia. For these owners, it is the supply of timber that provides income and return on invested capital. Owners have to decide whether to invest more in their property, or to disinvest. They have to find...

Forest owners' optimal harvesting and investment strategies are studied at the forest holding level by including individual forest stands in an asset class portfolio. The forest owner has an option either to clearcut the mature stands and to invest the capital in financial or real asset classes...