Risk aversion and optimal forest replanting: A stochastic efficiency study
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Hadar, Josef & Russell, William R, 1969. "Rules for Ordering Uncertain Prospects," American Economic Review, American Economic Association, vol. 59(1), pages 25-34, March.
- Reed, William J., 1984. "The effects of the risk of fire on the optimal rotation of a forest," Journal of Environmental Economics and Management, Elsevier, vol. 11(2), pages 180-190, June.
- Harvey, A C, 1976. "Estimating Regression Models with Multiplicative Heteroscedasticity," Econometrica, Econometric Society, vol. 44(3), pages 461-465, May.
- Clarke, Harry R. & Reed, William J., 1989.
"The tree-cutting problem in a stochastic environment : The case of age-dependent growth,"
Journal of Economic Dynamics and Control, Elsevier, vol. 13(4), pages 569-595, October.
- Harry R Clarke & William J. Reed, 1989. "The Tree-Cutting Problem in a Stochastic Environment: The case of Age Dependent Growth," Working Papers 1989.01 EDIRC Provider-In, School of Economics, La Trobe University.
- Harry R Clarke & William J. Reed, 1989. "The Tree-Cutting Problem in a Stochastic Environment: The case of Age Dependent Growth," Working Papers 1989.01, School of Economics, La Trobe University.
- Willassen, Yngve, 1998. "The stochastic rotation problem: A generalization of Faustmann's formula to stochastic forest growth," Journal of Economic Dynamics and Control, Elsevier, vol. 22(4), pages 573-596, April.
- Meyer, Jack, 1977. "Second Degree Stochastic Dominance with Respect to a Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 477-487, June.
- Alvarez, Luis H.R. & Koskela, Erkki, 2006.
"Does risk aversion accelerate optimal forest rotation under uncertainty?,"
Journal of Forest Economics, Elsevier, vol. 12(3), pages 171-184, December.
- Luis H. R. Alvarez & Erkki Koskela, 2004. "Does Risk Aversion Accelerate Optimal Forest Rotation under Uncertainty?," CESifo Working Paper Series 1285, CESifo.
- J. Brian Hardaker & James W. Richardson & Gudbrand Lien & Keith D. Schumann, 2004.
"Stochastic efficiency analysis with risk aversion bounds: a simplified approach,"
Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(2), pages 253-270, June.
- Hardaker, J. Brian & Richardson, James W. & Lien, Gudbrand D. & Schumann, Keith D., 2004. "Stochastic efficiency analysis with risk aversion bounds: a simplified approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(2), pages 1-18.
- Richardson, James W. & Klose, Steven L. & Gray, Allan W., 2000.
"An Applied Procedure For Estimating And Simulating Multivariate Empirical (Mve) Probability Distributions In Farm-Level Risk Assessment And Policy Analysis,"
Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(2), pages 1-17, August.
- Richardson, James W. & Klose, Steven L. & Gray, Allan W., 2000. "An Applied Procedure for Estimating and Simulating Multivariate Empirical (MVE) Probability Distributions In Farm-Level Risk Assessment and Policy Analysis," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 32(2), pages 299-315, August.
- G. Hanoch & H. Levy, 1969. "The Efficiency Analysis of Choices Involving Risk," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 36(3), pages 335-346.
- Eid, Tron & Fredrik Hoen, Hans & Okseter, Petter, 2002. "Timber production possibilities of the Norwegian forest area and measures for a sustainable forestry," Forest Policy and Economics, Elsevier, vol. 4(3), pages 187-200, July.
- Newman, D.H., 2002. "Forestry's golden rule and the development of the optimal forest rotation literature," Journal of Forest Economics, Elsevier, vol. 8(1), pages 5-27.
- David H. Newman & Charles B. Gilbert & William F. Hyde, 1985. "The Optimal Forest Rotation with Evolving Prices," Land Economics, University of Wisconsin Press, vol. 64(4), pages 347-353.
- Lin, William W. & Chang, Hui S., 1978. "Specification Of Bernoullian Utility Function In Decision Analysis," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 30(1), pages 1-7, January.
- Kangas, Annika S. & Kangas, Jyrki, 2004. "Probability, possibility and evidence: approaches to consider risk and uncertainty in forestry decision analysis," Forest Policy and Economics, Elsevier, vol. 6(2), pages 169-188, March.
- Yin, Runsheng & Newman, David H., 1996. "The Effect of Catastrophic Risk on Forest Investment Decisions," Journal of Environmental Economics and Management, Elsevier, vol. 31(2), pages 186-197, September.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Eric Nazindigouba KERE & Jérôme FONCEL & Marielle BRUNETTE, 2014.
"Attitude towards Risk and Production Decision: An Empirical analysis on French private forest owners,"
Working Papers
201410, CERDI.
- Marielle Brunette & Jérôme Foncel & Eric Nazindigouba Kere, 2017. "Attitude Towards Risk and Production Decision: an Empirical Analysis on French Private Forest Owners," Post-Print hal-01744533, HAL.
- Eric Nazindigouba Kere & Marielle Brunette & Jérôme Foncel, 2015. "Attitude towards Risk and Production Decision: An Empirical analysis on French private forest owners," CERDI Working papers halshs-01005200, HAL.
- Eric Nazindigouba Kere & Marielle Brunette & Jérôme Foncel, 2015. "Attitude towards Risk and Production Decision: An Empirical analysis on French private forest owners," Working Papers halshs-01005200, HAL.
- Brunette, Marielle & Couture, Stéphane, 2018.
"Risk management activities of a non-industrial privateforest owner with a bivariate utility function,"
Review of Agricultural, Food and Environmental Studies, Institut National de la Recherche Agronomique (INRA), vol. 99(3-4), November.
- Marielle Brunette & Stephane Couture, 2018. "Risk management activities of a non-industrial privateforest owner with a bivariate utility function," Review of Agricultural, Food and Environmental Studies, INRA Department of Economics, vol. 99(3-4), pages 281-302.
- Marielle Brunette & Stéphane Couture, 2018. "Risk management activities of a non-industrial private forest owner with a bivariate utility function," Review of Agricultural, Food and Environmental Studies, Springer, vol. 99(3), pages 281-302, December.
- Marielle Brunette & Stéphane Couture, 2014. "Risk management activities of a non-industrial private forest owner with a bivariate utility function," Post-Print hal-01072301, HAL.
- Marielle Brunette & Stéphane Couture, 2018. "Risk management activities of a non-industrial private forest owner with a bivariate utility function," Post-Print hal-01969242, HAL.
- Marielle Brunette & Stéphane Couture, 2014. "Risk management activities of a non-industrial private forest owner with a bivariate utility function," Working Papers - Cahiers du LEF 2014-01, Laboratoire d'Economie Forestiere, AgroParisTech-INRA, revised Jan 2014.
- Angelos Liontakis & Alexandra Sintori & Irene Tzouramani, 2021. "The Role of the Start-Up Aid for Young Farmers in the Adoption of Innovative Agricultural Activities: The Case of Aloe Vera," Agriculture, MDPI, vol. 11(4), pages 1-24, April.
- Eihab Fathelrahman & Aydin Basarir & Mohamed Gheblawi & Sherin Sherif & James Ascough, 2014. "Economic Risk and Efficiency Assessment of Fisheries in Abu-Dhabi, United Arab Emirates (UAE): A Stochastic Approach," Sustainability, MDPI, vol. 6(6), pages 1-21, June.
- M. Brunette & M. Hanewinkel & R. Yousefpour, 2020.
"Risk aversion hinders forestry professionals to adapt to climate change,"
Climatic Change, Springer, vol. 162(4), pages 2157-2180, October.
- Marielle Brunette & Marc Hanewinkel & Rasoul Yousefpour, 2020. "Risk aversion hinders forestry professionals to adapt to climate change," Post-Print hal-02874871, HAL.
- Ejaz Qureshi, Muhammad & Ranjan, Ram & Ejaz Qureshi, Sumaira, 2010.
"An empirical assessment of the value of irrigation water: the case study of Murrumbidgee catchment,"
Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(1), pages 1-20.
- Muhammad Ejaz Qureshi & Ram Ranjan & Sumaira Ejaz Qureshi, 2010. "An empirical assessment of the value of irrigation water: the case study of Murrumbidgee catchment ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(1), pages 99-118, January.
- Rohrig, Maren B.K. & Hardeweg, Bernd & Lentz, Wolfgang, 2018. "Efficient farming options for German apple growers under risk – a stochastic dominance approach," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 21(1).
- Hildebrandt, Patrick & Knoke, Thomas, 2011. "Investment decisions under uncertainty--A methodological review on forest science studies," Forest Policy and Economics, Elsevier, vol. 13(1), pages 1-15, January.
- Yu, Zhihan & Ning, Zhuo & Chang, Wei-Yew & Chang, Sun Joseph & Yang, Hongqiang, 2023. "Optimal harvest decisions for the management of carbon sequestration forests under price uncertainty and risk preferences," Forest Policy and Economics, Elsevier, vol. 151(C).
- Lavorato, Mateus & Braga, Marcelo José, 2021. "On the Risk Efficiency of a Weather Index Insurance Product for the Brazilian Semi-Arid Region," 2021 Conference, August 17-31, 2021, Virtual 315193, International Association of Agricultural Economists.
- Clancy, Daragh & Breen, James P. & Butler, Anne Marie & Thorne, Fiona S. & Wallace, Michael T., 2008. "Valuing the risk associated with willow and miscanthus relative to conventional agricultural systems," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43972, European Association of Agricultural Economists.
- Qingmu Su & Kaida Chen & Lingyun Liao, 2021. "The Impact of Land Use Change on Disaster Risk from the Perspective of Efficiency," Sustainability, MDPI, vol. 13(6), pages 1-14, March.
- Cerdá, Emilio & Martín-Barroso, David, 2013. "Optimal control for forest management and conservation analysis in dehesa ecosystems," European Journal of Operational Research, Elsevier, vol. 227(3), pages 515-526.
- Eihab M. Fathelrahman & James C. Ascough II & Dana L. Hoag & Robert W. Malone & Philip Heilman & Lori J. Wiles & Ramesh S. Kanwar, 2011. "Continuum of Risk Analysis Methods to Assess Tillage System Sustainability at the Experimental Plot Level," Sustainability, MDPI, vol. 3(7), pages 1-29, July.
- Duan, Wei & Shen, Jinyu & Hogarth, Nicholas J. & Chen, Qian, 2021. "Risk preferences significantly affect household investment in timber forestry: Empirical evidence from Fujian, China," Forest Policy and Economics, Elsevier, vol. 125(C).
- Matsui, Kenji, 2010. "Returns policy, new model introduction, and consumer welfare," International Journal of Production Economics, Elsevier, vol. 124(2), pages 299-309, April.
- Marielle Brunette & Jérôme Foncel & Nazindigouba Eric Kéré, 2014. "Attitude towards Risk and Production Decision: An Empirical analysis on French private forest owners," Working Papers halshs-00981350, HAL.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hildebrandt, Patrick & Knoke, Thomas, 2011. "Investment decisions under uncertainty--A methodological review on forest science studies," Forest Policy and Economics, Elsevier, vol. 13(1), pages 1-15, January.
- Newman, D.H., 2002. "Forestry's golden rule and the development of the optimal forest rotation literature," Journal of Forest Economics, Elsevier, vol. 8(1), pages 5-27.
- Schumann, Keith D., 2011. "Semi-nonparametric test of second degree stochastic dominance with respect to a function," Journal of Econometrics, Elsevier, vol. 162(1), pages 71-78, May.
- Motoh, Tsujimura, 2004. "Optimal natural resources management under uncertainty with catastrophic risk," Energy Economics, Elsevier, vol. 26(3), pages 487-499, May.
- Monge, Juan J. & Daigneault, Adam J. & Dowling, Leslie J. & Harrison, Duncan R. & Awatere, Shaun & Ausseil, Anne-Gaelle, 2018. "Implications of future climatic uncertainty on payments for forest ecosystem services: The case of the East Coast of New Zealand," Ecosystem Services, Elsevier, vol. 33(PB), pages 199-212.
- Ben Abdallah, Skander & Lasserre, Pierre, 2016.
"Asset retirement with infinitely repeated alternative replacements: Harvest age and species choice in forestry,"
Journal of Economic Dynamics and Control, Elsevier, vol. 70(C), pages 144-164.
- Skander Ben Abdallah & Pierre Lasserre, 2016. "Asset Retirement with Infinitely Repeated Alternative Replacements: Harvest Age and Species Choice in Forestry," CIRANO Working Papers 2016s-37, CIRANO.
- Yangxuan Liu & Michael R. Langemeier & Ian M. Small & Laura Joseph & William E. Fry & Jean B. Ristaino & Amanda Saville & Benjamin M. Gramig & Paul V. Preckel, 2018. "A Risk Analysis of Precision Agriculture Technology to Manage Tomato Late Blight," Sustainability, MDPI, vol. 10(9), pages 1-19, August.
- Patrice Loisel & Marielle Brunette & Stéphane Couture, 2020.
"Insurance and Forest Rotation Decisions Under Storm Risk,"
Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(2), pages 347-367, July.
- Patrice Loisel & Marielle Brunette & Stéphane Couture, 2018. "Insurance and forest rotation decisions under storm risk," Post-Print hal-02785389, HAL.
- Patrice Loisel & Marielle Brunette & Stéphane Couture, 2019. "Insurance and forest rotation decisions under storm risk," Post-Print hal-02786285, HAL.
- Patrice Loisel & Marielle Brunette & Stéphane Couture, 2020. "Insurance and Forest Rotation Decisions Under Storm Risk," Post-Print hal-02874875, HAL.
- Patrice Loisel & Marielle Brunette & Stéphane Couture, 2019. "Insurance and forest rotation decisions under storm risk," Post-Print hal-03794748, HAL.
- Hardaker, J. Brian & Lien, Gudbrand D., 2003. "Stochastic Efficiency Analysis With Risk Aversion Bounds: A Simplified Approach," Working Papers 12954, University of New England, School of Economics.
- Ben Abdallah, Skander & Lasserre, Pierre, 2017.
"Forest land value and rotation with an alternative land use,"
Journal of Forest Economics, Elsevier, vol. 29(PB), pages 118-127.
- Skander Ben Abdallah & Pierre Lasserre, 2016. "Forest Land Value and Rotation with an Alternative Land Use," CIRANO Working Papers 2016s-38, CIRANO.
- Lean, H.H. & McAleer, M.J. & Wong, W.-K., 2010.
"Investor preferences for oil spot and futures based on mean-variance and stochastic dominance,"
Econometric Institute Research Papers
EI 2010-37, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
- Hooi Hooi Lean & Michael McAleer & Wing-Keung Wong, 2010. "Investor Preferences for Oil Spot and Futures Based on Mean-Variance and Stochastic Dominance," CARF F-Series CARF-F-220, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- Hooi Hooi Lean & Michael McAleer & Wing-Keung Wong, 2010. "Investor Preferences for Oil Spot and Futures Based on Mean-Variance and Stochastic Dominance," CIRJE F-Series CIRJE-F-744, CIRJE, Faculty of Economics, University of Tokyo.
- Hooi Hooi Lean & Michael McAleer & Wing-Keung Wong, 2011. "Investor Preferences for Oil Spot and Futures based on Mean-Variance and Stochastic Dominance," KIER Working Papers 755, Kyoto University, Institute of Economic Research.
- Hooi Hooi Lean & Michael McAleer & Wing-Keung Wong, 2010. "Investor Preferences for Oil Spot and Futures Based on Mean-Variance and Stochastic Dominance," Working Papers in Economics 10/22, University of Canterbury, Department of Economics and Finance.
- Xu, Guo & Wing-Keung, Wong & Lixing, Zhu, 2013.
"Almost Stochastic Dominance for Risk-Averse and Risk-Seeking Investors,"
MPRA Paper
51744, University Library of Munich, Germany.
- Guo, Xu & Wong, Wing-Keung & Zhu, Lixing, 2014. "Almost Stochastic Dominance for Risk-Averse and Risk-Seeking Investors," MPRA Paper 53347, University Library of Munich, Germany.
- Ragnar Tveteras & Ola Flaten & Gudbrand Lien, 2011.
"Production risk in multi-output industries: estimates from Norwegian dairy farms,"
Applied Economics, Taylor & Francis Journals, vol. 43(28), pages 4403-4414.
- Tveteras, Ragnar & Flaten, Ola & Lien, Gudbrand D., 2008. "Production risk in multi-output industries: estimates from Norwegian dairy farms," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43958, European Association of Agricultural Economists.
- Morag F. Macpherson & Adam Kleczkowski & John R. Healey & Nick Hanley, 2018. "The Effects of Disease on Optimal Forest Rotation: A Generalisable Analytical Framework," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 70(3), pages 565-588, July.
- Al Abri, Ibtisam H. & Grogan, Kelly A. & Daigneault, Adam, 2017. "Optimal Forest Fire Management with Applications to Florida," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258568, Agricultural and Applied Economics Association.
- Morag F. Macpherson & Adam Kleczkowski & John Healey & Nick Hanley, 2015. "When to harvest? The effect of disease on optimal forest rotation," Discussion Papers in Environment and Development Economics 2015-19, University of St. Andrews, School of Geography and Sustainable Development.
- Carole Bernard & Gero Junike & Thibaut Lux & Steven Vanduffel, 2022. "Cost-efficient Payoffs under Model Ambiguity," Papers 2207.02948, arXiv.org, revised Aug 2023.
- Lien, Gudbrand & Stordal, Stale & Hardaker, J. Brian, 12. "Risk Aversion and Optimal Rotation: a Stochastic Efficiency Approach," Scandinavian Forest Economics: Proceedings of the Biennial Meeting of the Scandinavian Society of Forest Economics, Scandinavian Society of Forest Economics, issue 40, May.
- Hooi Hooi Lean & Michael McAleer & Wing-Keung Wong, 2010.
"Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach,"
CIRJE F-Series
CIRJE-F-705, CIRJE, Faculty of Economics, University of Tokyo.
- Hooi Hooi Lean & Michael McAleer & Wing-Keung Wong, 2010. "Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach," CARF F-Series CARF-F-201, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- Lean, H.H. & McAleer, M.J. & Wong, W.-K., 2010. "Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach," Econometric Institute Research Papers EI 2010-11, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
- W. Wong & R. Chan, 2008.
"Prospect and Markowitz stochastic dominance,"
Annals of Finance, Springer, vol. 4(1), pages 105-129, January.
- Wing-Keung Wong & Raymond H. Chan, 2005. "Prospect and Markowitz Stochastic Dominance," Monash Economics Working Papers 08/05, Monash University, Department of Economics.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ejores:v:181:y:2007:i:3:p:1584-1592. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eor .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.