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Knock on wood: managing forests for carbon in the presence of natural disturbance risk

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  • Alexandra Siebel-McKenna
  • Craig M. T. Johnston
  • G. Cornelis van Kooten

Abstract

Carbon prices are used to induce forest managers to adopt longer rotation periods, leading to higher carbon sequestration in the ecosystem and storage in harvested wood products. However, national governments can choose whether or not to include emissions from natural disturbances in carbon accounting schemes. Using a stochastic dynamic programming model, we study optimal forest manager behaviour in the presence of natural disturbance risk and under a range of carbon prices, which we then use to calculate the carbon offsets so generated. Excluding such risk results in a reduced ability to use carbon prices to influence forest manager behaviour.

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  • Alexandra Siebel-McKenna & Craig M. T. Johnston & G. Cornelis van Kooten, 2020. "Knock on wood: managing forests for carbon in the presence of natural disturbance risk," Spatial Economic Analysis, Taylor & Francis Journals, vol. 15(3), pages 299-310, July.
    • Handle: RePEc:taf:specan:v:15:y:2020:i:3:p:299-310
    DOI: 10.1080/17421772.2019.1701700
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    Cited by:

    1. Amitrajeet A. Batabyal & Henk Folmer, 2020. "Spatial economic aspects of climate change," Spatial Economic Analysis, Taylor & Francis Journals, vol. 15(3), pages 209-218, July.

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