Optimal forest management with stochastic prices & endogenous fire risk

9060 4 13274 1 22334 document 13274 XP-09-004.pdf application/pdf 2ab1d0662d681a09413a9f09eb597ffd MD5 88568 2016-01-15 08:43:00 https://pure.iiasa.ac.at/id/eprint/9060/1/XP-09-004.pdf 9060 1 1 text en public

XP-09-004.pdf

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/13274 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/13274 http://eprints.org/relation/issmallThumbnailVersionOf https://pure.iiasa.ac.at/id/document/13274 archive 351 disk0/00/00/90/60 2016-01-15 08:43:00 2021-08-27 17:20:59 2016-01-15 08:43:00 conference_item show 1 Szolgayova J. 1833 Obersteiner M. 7255 0000-0001-6981-2769 Fuss S. 8259 Optimal forest management with stochastic prices & endogenous fire risk pub iis_for prog_for Value of information; Earth observation; Endogenous risk; Real options Earth observations are one way to reduce the risk to standing forests from damages caused by wild fires, since they enable early warning systems, preventive actions and faster extinguishing of fires, before they spread out. Another channel through which fire hazard can be reduced is the thinning of the forest, so the risk of a fire occurring becomes partially endogenous. In order to shed more light on optimal forest management under such endogenous fire risk, we develop a real options model, where the price of biomass is stochastic and the harvesting decision needs to be timed optimally in the face of these uncertainties. We find that there is a positive value of information. In other words, there is a positive willingness to pay for Earth observations by forest managers. 2009 published XP-09-004 In:; Proceedings from the 33rd International Symposium on Remote Sensing of Environment (ISRSE-33) "Sustaining the Millennium Development Goals"; 4-8 May 2009, Stresa, Italy [ISBN 978-0-932913-13-5] 305 219 101 public Proceedings from the 33rd International Symposium on Remote Sensing of Environment (ISRSE-33) "Sustaining the Millennium Development Goals" 4-8 May 2009 other TRUE 978-0-932913-13-5 FALSE info:eu-repo/semantics/conferenceObject