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Optimal Forest Management with Carbon Sequestration Credits and Endogenous Fire Risk

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  • Adam J. Daigneault
  • Mario J. Miranda
  • Brent Sohngen

Abstract

We use a stochastic dynamic profit maximization model to investigate the effects of forest carbon sequestration credits on optimal forest management practices for stands facing wildfire risk. Landowners that periodically thin a stand can increase growth rates and mitigate loss of timber and carbon stocks from wildfire. Results indicate that thinning and shortening rotations are cost-effective strategies to mitigate wildfire risk. Carbon prices cause landowners to delay both their thinning treatments and the final rotation age. Thinning and extending timber rotations are thus a viable climate-change mitigation option even when stands are susceptible to risks of fire.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 86 (2010)
Issue (Month): 1 ()
Pages: 155-172

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Handle: RePEc:uwp:landec:v:86:y:2010:i:1:p:155-172

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Web page: http://le.uwpress.org/

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Cited by:
  1. Acosta, Montserrat & Sohngen, Brent, 2009. "How big is leakage from forestry carbon credits? Estimates from a Global Model," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49468, Agricultural and Applied Economics Association.
  2. Luis Diaz-Balteiro & David Martell & Carlos Romero & Andrés Weintraub, 2014. "The optimal rotation of a flammable forest stand when both carbon sequestration and timber are valued: a multi-criteria approach," Natural Hazards, International Society for the Prevention and Mitigation of Natural Hazards, vol. 72(2), pages 375-387, June.
  3. Hoel, Michael & Holtsmark, Bjart & Holtsmark, Katinka, 2012. "Faustmann and the Climate," Memorandum 26/2012, Oslo University, Department of Economics.
  4. Couture, Stéphane & Reynaud, Arnaud, 2011. "Forest management under fire risk when forest carbon sequestration has value," Ecological Economics, Elsevier, vol. 70(11), pages 2002-2011, September.
  5. Creamer, Selmin F. & Genz, Alan & Blatner, Keith A., 2012. "The Effect of Fire Risk on the Critical Harvesting Times for Pacific Northwest Douglas-Fir When Carbon Price Is Stochastic," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 41(3), December.
  6. Kim, Taeyoung & Langpap, Christian, 2012. "Private Landowners’ Response to Incentives for Carbon Sequestration in Forest Management," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 130709, Agricultural and Applied Economics Association.
  7. Jussi Lintunen & Jussi Uusivuori, 2014. "On The Economics of Forest Carbon: Renewable and Carbon Neutral But Not Emission Free," Working Papers 2014.13, Fondazione Eni Enrico Mattei.
  8. Susaeta, Andres & Chang, Sun Joseph & Carter, Douglas R. & Lal, Pankaj, 2014. "Economics of carbon sequestration under fluctuating economic environment, forest management and technological changes: An application to forest stands in the southern United States," Journal of Forest Economics, Elsevier, vol. 20(1), pages 47-64.

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