Couture, Stephane; Marielle, Brunette; Langlais, Eric - 2011
The objective of the paper is to analyze the risk management behavior of a non-industrial private forest owner under … practice versus a physical one. We develop a two-period model of hedging and harvesting decisions when the forest owner values … amenity services of forest. We study the properties of optimal current and future harvesting and hedging decisions. We show …