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Valuation and management of tropical forests

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  • Heidi Albers
  • Anthony Fisher
  • W. Hanemann

Abstract

This paper develops a framework for the valuation and management of tropical forests that reflects their ecological and economic characteristics. The analysis demonstrates the importance of modeling the feasible use patterns and the information structure in tropical forest management decisions. The model predicts that cases exist where the foresighted management of forests leads to more preservation than the traditional expected value approach. An application in Thailand provides evidence that such cases occur in relevant ranges of benefit flows. The model focuses tropical forest management on assessments of sustainability and feasible sequences in light of uncertainty and information flows. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/BF00340652
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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 8 (1996)
Issue (Month): 1 (July)
Pages: 39-61

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Handle: RePEc:kap:enreec:v:8:y:1996:i:1:p:39-61

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: tropical forests; irreversibility; uncertainty; Thai parks;

References

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  1. Binswanger, Hans P., 1991. "Brazilian policies that encourage deforestation in the Amazon," World Development, Elsevier, vol. 19(7), pages 821-829, July.
  2. Samuel Fankhauser, 1994. "The Social Costs of Greenhouse Gas Emissions: An Expected Value Approach," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 157-184.
  3. Ronald W. Hilton, 1981. "The Determinants of Information Value: Synthesizing Some General Results," Management Science, INFORMS, vol. 27(1), pages 57-64, January.
  4. Barbier, E B & Burgess, J C, 2001. " The Economics of Tropical Deforestation," Journal of Economic Surveys, Wiley Blackwell, vol. 15(3), pages 413-33, July.
  5. Hanemann, W. Michael, 1989. "Information and the concept of option value," Journal of Environmental Economics and Management, Elsevier, vol. 16(1), pages 23-37, January.
  6. Henry, Claude, 1974. "Investment Decisions Under Uncertainty: The "Irreversibility Effect."," American Economic Review, American Economic Association, vol. 64(6), pages 1006-12, December.
  7. Fisher, Anthony C & Krutilla, John V & Cicchetti, Charles J, 1972. "The Economics of Environmental Preservation: A Theoretical and Empirical Analysis," American Economic Review, American Economic Association, vol. 62(4), pages 605-19, September.
  8. Arrow, Kenneth J & Fisher, Anthony C, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, MIT Press, vol. 88(2), pages 312-19, May.
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Citations

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Cited by:
  1. Lars J. Ravn-Jonsen, 2009. "Ecosystem Management a Management View," Working Papers 86/09, University of Southern Denmark, Department of Environmental and Business Economics.
  2. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Discussion Papers in Economics at the University of Washington 0025, Department of Economics at the University of Washington.
  3. White, Benedict, 2002. "Optimal Monitoring of Agri-environmental Schemes," 2002 Conference (46th), February 13-15, 2002, Canberra 125606, Australian Agricultural and Resource Economics Society.
  4. Jens ABILDTRUP & Jacques-Alexandre Laye & Maximilien Laye & Anne Stenger, 2012. "Irreversibility and Uncertainty in Multifunctional Forest Management Allocation," Working Papers 168577, Institut National de la Recherche Agronomique, France.
  5. Albers, Heidi J., 1997. "Modeling Ecological Constraints on Tropical Forest Management: Reply," Journal of Environmental Economics and Management, Elsevier, vol. 33(2), pages 214-219, June.
  6. Albers, H. J. & Goldbach, M. J., 2000. "Irreversible ecosystem change, species competition, and shifting cultivation," Resource and Energy Economics, Elsevier, vol. 22(3), pages 261-280, July.
  7. Fisher, Anthony C., 2000. "Investment under uncertainty and option value in environmental economics," Resource and Energy Economics, Elsevier, vol. 22(3), pages 197-204, July.
  8. Albers, Heidi J. & Robinson, Elizabeth J.Z., 2007. "Spatial-temporal aspects of cost-benefit analysis for park management: An example from Khao Yai National Park, Thailand," Journal of Forest Economics, Elsevier, vol. 13(2-3), pages 129-150, August.
  9. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Working Papers 0025, University of Washington, Department of Economics.
  10. Erwin Bulte & G. van Kooten, 1999. "Marginal Valuation of Charismatic Species: Implications for Conservation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 14(1), pages 119-130, July.
  11. Gardner M. Brown, 2000. "Renewable Natural Resource Management and Use without Markets," Journal of Economic Literature, American Economic Association, vol. 38(4), pages 875-914, December.

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