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Portfolio management of mixed-species forests

Author

Listed:
  • Marielle Brunette

    (Laboratoire d'Economie Forestière, INRA - AgroParisTech)

  • Arnaud Dragicevic

    (Laboratoire d'Economie Forestière, INRA - AgroParisTech
    Chaire Forêts pour Demain, Agro ParisTech–Office National des Forêts)

  • Jonathan Lenglet

    (Laboratoire d'Economie Forestière, INRA - AgroParisTech)

  • Alexandra Niedzwiedz

    (Laboratoire d'Economie Forestière, INRA - AgroParisTech)

  • Vincent Badeau

    (UMR INRA – Université de Lorraine Écologie et Écophysiologie Forestières, 54280 Champenoux, France)

  • Jean-Luc Dupouey

    (UMR INRA – Université de Lorraine Écologie et Écophysiologie Forestières, 54280 Champenoux, France)

Abstract

We propose to test the portfolio selection theory on the historical data of tree species’ productivities obtained from the French National Forest Inventory (IFN). We determine the optimal timber productivity-vulnerability arrangements out of the combinations of tree species and map the optimal compositions per administrative department in France. We also estimate the survivals of optimal portfolios using the species’ probabilities of presence. Our results show that greater weights in the optimal portfolios correspond to higher probabilities of presence.

Suggested Citation

  • Marielle Brunette & Arnaud Dragicevic & Jonathan Lenglet & Alexandra Niedzwiedz & Vincent Badeau & Jean-Luc Dupouey, 2014. "Portfolio management of mixed-species forests," Working Papers - Cahiers du LEF 2014-09, Laboratoire d'Economie Forestiere, AgroParisTech-INRA, revised Aug 2014.
    • Handle: RePEc:lef:wpaper:2014-09
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    File URL: http://www6.nancy.inra.fr/lef/Cahiers-du-LEF/2014/2014-09
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    Cited by:

    1. Dragicevic, Arnaud & Lobianco, Antonello & Leblois, Antoine, 2016. "Forest planning and productivity-risk trade-off through the Markowitz mean-variance model," Forest Policy and Economics, Elsevier, vol. 64(C), pages 25-34.
    2. Wildberg, Johannes & Möhring, Bernhard, 2019. "Empirical analysis of the economic effect of tree species diversity based on the results of a forest accountancy data network," Forest Policy and Economics, Elsevier, vol. 109(C).

    More about this item

    Keywords

    Forest Management; Portfolio Management; Mixed-Species Forests; Climate Change;
    All these keywords.

    JEL classification:

    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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