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Continuous versus Discrete Time Forest Management Models with Carbon Sequestration Benefits

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  • Duarte, Clara Costa
  • Sa, Maria A. Cunha e

Abstract

Forest literature uses both continous and discrete time models to study forest management problems, and when carbon sequestration benefits are considered, the results obtained in both approaches are not always equivalent. This issue is relevant from a policy point of view if credits are to be allocated to forest owners within the implementation of the Kyoto Protocol. This note explores the impact of different carbon sequestration accounting methods on both settings. It studies the specific conditions for optimal rotation period and the value of a marginal unit of bare land on a one stand model and compare them with the long run optimal stationary steady state of a forest vintage model.

Suggested Citation

  • Duarte, Clara Costa & Sa, Maria A. Cunha e, 2006. "Continuous versus Discrete Time Forest Management Models with Carbon Sequestration Benefits," FEUNL Working Paper Series wp497, Universidade Nova de Lisboa, Faculdade de Economia.
  • Handle: RePEc:unl:unlfep:wp497
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    File URL: http://fesrvsd.fe.unl.pt/WPFEUNL/WP2006/wp497.pdf
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    References listed on IDEAS

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    1. Salo, Seppo & Tahvonen, Olli, 2002. "On Equilibrium Cycles and Normal Forests in Optimal Harvesting of Tree Vintages," Journal of Environmental Economics and Management, Elsevier, vol. 44(1), pages 1-22, July.
    2. Duarte, Clara Costa & Sa, Maria A. Cunha e, 2006. "Forest vintages and carbon sequestration," FEUNL Working Paper Series wp482, Universidade Nova de Lisboa, Faculdade de Economia.
    3. Salo, Seppo & Tahvonen, Olli, 2003. "On the economics of forest vintages," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1411-1435, June.
    4. G. Cornelis van Kooten & Clark S. Binkley & Gregg Delcourt, 1995. "Effect of Carbon Taxes and Subsidies on Optimal Forest Rotation Age and Supply of Carbon Services," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(2), pages 365-374.
    5. Seppo Salo & Olli Tahvonen, 2004. "Renewable Resources with Endogenous Age Classes and Allocation of Land," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(2), pages 513-530.
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