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| Tee, James; Scarpa, Riccardo; Marsh, Dan; Guthrie, Graeme. |
| NPV and LEV are established and common approaches to valuing single rotation and infinite rotation forests respectively, when the rotation age is fixed in advanced. More recently, Real Options approaches have been employed to value single and infinite rotation forests with a flexible harvest age. Under a stochastic timber price process, it has been shown that the valuation of a flexible rotation forest is equal or higher than that of a fixed rotation forest, because a flexible harvest regime delays the harvest if the timber price is not favourable, whereas a fixed harvest regime would proceed to harvest regardless of the price. Often, valuation of fixed and flexible rotation ages are compared using 2 different methods – NPV (or LEV) and Real Options. The... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: NPV; LEV; Real Options; Optimal Harvest Decision; Agribusiness; Crop Production/Industries; Environmental Economics and Policy; Land Economics/Use. |
| Ano: 2010 |
URL: http://purl.umn.edu/96836 |
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| Tee, James; Scarpa, Riccardo; Marsh, Dan; Guthrie, Graeme. |
| Climate change is one of the toughest challenges facing the world today. Putting a price on carbon emissions is an important step towards climate change mitigation. A cap and trade system is one of the ways to create a carbon price. The New Zealand Emissions Trading Scheme (NZETS) is the world’s first economy-wide cap and trade system that covers all sectors and all 6 greenhouse gases. Forestry is a major part of the NZETS, allowing foresters to earn carbon credits for new forests planted on and after 1st January 1990 (afforestation and reforestation). At the same time, the NZETS also makes foresters liable for harvesting new forests planted on and after 1st January 1990, and deforesting forests existing on and before 31st December 1989. In this paper, we... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Environmental Economics and Policy. |
| Ano: 2011 |
URL: http://purl.umn.edu/100703 |
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