| 1. |
- Bergman, Mats A., et al.
(författare)
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Large investments in the pulp and paper industry : A count-data regression analysis
- 2002
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Ingår i: Journal of Forest Economics. - : Now Publishers Inc.. - 1104-6899 .- 1618-1530. ; 8, s. 29-52
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyses the effects of price and market size variables on the investment propensities in the pulp and paper industry. A panel of 15 European countries in the time period 1988-1997 is used in the regression analysis. We find the wages, the USD/ECU exchange rate, the price of paper and the installed production capacity to be the main determinants of large investments in this industry. Our measure of market size has no - or only very small - effects.
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| 2. |
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| 3. |
- Lundmark, Robert, et al.
(författare)
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Structural changes in Swedish wastepaper demand : a variable cost function approach
- 2003
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 9:1, s. 41-63
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Tidskriftsartikel (refereegranskat)abstract
- The primary purpose of this paper is to analyse the short-run price responsiveness of wastepaper demand in Sweden for four different paper and board products, as well as any structural changes in demand behaviour for these products over time. The analysis is done within a variable Translog cost function model, and we employ data for individual paper and board mills over the time period 1974-1994. The results suggest that the short-run own-price sensitivity of waste paper demand is relatively high compared to those of other input factors, and it has also tended to increase over time for some of the paper products. In addition, wastepaper demand has also become more sensitive to changes in energy prices, and its use increases with increases in the price of energy. However, the relationship between wastepaper and woodpulp is more complex, and in many instances wastepaper and woodpulp are short-run complements. Overall this implies that price based recycling policies will be relatively successful in promoting wastepaper use, but they will not necessarily lead to the conservation of virgin forest resources.
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| 4. |
- Aguilar Cabezas, Francisco X, et al.
(författare)
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Dweller Preferences for Wood as a Load-Bearing Material in Residential Buildings
- 2023
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 38, s. 77-111
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Tidskriftsartikel (refereegranskat)abstract
- The wider use of wood as a load-bearing framing material can advance climate action by storing carbon in long-lived products. Substitution of traditional materials such as brick, concrete, and steel will be partly determined by dweller preferences. Unknown preferences allowed, we elicited stated choices for the following load-bearing materials in residential construction: (i) primarily wood and (ii) wood in combination with other materials, over the use of (iii) traditional (e.g., brick, concrete, steel). Stated choices with an opt-out option gathered from over 7,000 adults residing across seven European nations were modelled using a weighted multinomial logistic regression. Among our explanatory variables, past experience and knowledge dominated higher preferences toward wood over traditional materials. Negative attitudes related to wood harvesting had a strong inverse effect. Preferences show that primarily wood and wood in combination with other materials were perceived as two distinct load-bearing products. A concerted effort to better inform the public on the green credentials and performance features of wood might be necessary to increase its use in European residential load-bearing framing.
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| 5. |
- Bergman, Mats A., 1964-, et al.
(författare)
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Imports of pulpwood and price discrimination: A test of buying power in the swedish pulpwood market
- 1999
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Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 5:3, s. 365-385
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Tidskriftsartikel (refereegranskat)abstract
- The Swedish pulp and paper industry's ability to exert monopsony power is tested both with a conjectural variation model, which parameterizes the firms' expectations about other firms' behavior, and with a model that estimates country-specific effects and effects of currency fluctuations on import prices. We use industry data for the 1970-1993 period and find only weak evidence of market power, in spite of the apparent lack of competition.
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| 6. |
- Bostedt, Göran, 1966-, et al.
(författare)
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A note of benefits and costs of adjusting forestry to meet recreational demands
- 2006
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Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 12:1, s. 75-81
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Tidskriftsartikel (refereegranskat)abstract
- Economic studies concerning environmental functions of forests are often partial in the sense that they focus on either benefits or costs. In other words, benefit/cost analyses indicating whether it is economically motivated to change forestry to make it compatible with environmental demands are relatively rare. This benefit/cost analysis deals with the forest as recreation environment, where benefit estimates from a study conducted in the county of Västerbotten, Sweden, are compared with cost estimates from another study in the same county. It is shown that adjustments of forest management to meet recreational demands do largely affect both benefits and costs, and that the results are sensitive to how soon the effects on the recreation environment occur after the adjustments of forest management.
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| 7. |
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| 8. |
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| 9. |
- Brännlund, Runar
(författare)
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Editorial
- 2011
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Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 17:4, s. 335-336
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Tidskriftsartikel (refereegranskat)
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| 10. |
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| 11. |
- Ekvall, Hans, et al.
(författare)
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Least-Cost Allocation of Measures to Increase the Amount of Coarse Woody Debris in Forest Estates
- 2013
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 19:3, s. 267-285
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Tidskriftsartikel (refereegranskat)abstract
- Coarse woody debris (CWD) is crucial for maintaining biodiversity in forests but conservation measures to increase CWD must be performed cost efficiently. We estimate least-cost combinations of CWD-increasing measures in a spruce-dominated Swedish forest estate. Specifically, we investigate how using combinations of the measures tree retention, creating high stumps, manual scarification, prolonged rotations, and retention of dying trees impacts the amount of CWD and net present value at the estate level. We found that by combining CWD-increasing measures in an optimal way the amount of CWD on the estate could be increased 322% with a decrease in present value of only 10%. The optimal combination of conservation measures depends on the desired increase in CWD. The analysis thus shows that huge improvements in cost-efficiency of biodiversity-oriented forestry are possible.
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| 12. |
- Eriksson, Ljusk Ola, et al.
(författare)
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Impacts of Long-term Strategies for the Swedish Forest Sector : Analyses with the BioFrame Integrated Modelling Framework
- 2024
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Ingår i: Journal of Forest Economics. - : Now Publishers Inc.. - 1104-6899 .- 1618-1530. ; 39:2, s. 137-185
-
Tidskriftsartikel (refereegranskat)abstract
- The European Union (EU) does not have a common forestry policy but EU policies can indirectly affect the forest sector. This study departs from the EU "Fit for 55" package of legislation and uses a forest sector model to simulate and analyze three responses in the Swedish forest sector (2020-2100) to policy initiatives addressing climate change and biodiversity: (i) increasing the area of set-asides with 50%; (ii) prohibiting harvest of old forest (>120/140 years of age); and (iii) extending the minimum allowed age for final harvest with 30%. Results indicate that, while all three responses can reduce net carbon emissions compared to business-as-usual, extension of the minimum allowed age for final harvest reduces emissions the most. In general, the effects on net carbon emissions are highly correlated with the level of harvest. Increasing the area of set-asides and prohibiting old forest harvest help preserve old forest better than both business-as-usual and final felling age regulation. Longer-term results are uncertain as policies and technology development can radically change biomass use, product portfolios and displacement effects.
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| 13. |
- Eriksson, Mathilda, et al.
(författare)
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Pricing forest carbon : implications of asymmetry in climate policy
- 2018
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Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 32, s. 84-93
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Tidskriftsartikel (refereegranskat)abstract
- Using an integrated assessment model, we examine the implications of climate policies that do not fully recognize forest carbon. Specifically, we first investigate the impact of an asymmetric policy that recognizes carbon emissions from fossil fuels while fully ignoring forest carbon. Next, we investigate the relative importance of not recognizing emissions from a reduction in the stock of forest biomass compared to not recognizing sequestration from the growth of forest biomass. We show that asymmetric carbon policies lead to lower levels of welfare, as well as higher emissions and carbon prices. This occurs because the forest resource will be allocated inefficiently under these carbon policies. Broadly, we find that when the social planner does not account for emissions or sequestration from the forest, the planner will set bioenergy levels that are too high and afforestation and avoided deforestation levels that are too low. Our results further reveal that not recognizing forest emissions leads to larger welfare losses than not recognizing sequestration.
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| 14. |
- Geijer, Erik, et al.
(författare)
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Safeguarding species richness vs. increasing the use of renewable energy : the effect of stump harvesting on two environmental goals
- 2014
-
Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 20:2, s. 111-125
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Tidskriftsartikel (refereegranskat)abstract
- Deadwood is recognized as one of the most important resources affecting forest biodiversity.Its absence from the forest landscape is, therefore, of concern, such that one official Swedishenvironmental objective is to increase the volume of deadwood. However, increasing the useof renewable energy sources, another environmental goal, is likely to work against thisbiodiversity objective. In this study we utilize a regional economic forest sector model,focusing on northern Sweden, in order to estimate the effect of a large scale introduction ofstump harvest on the future use of forest fuel. In addition, an ecological model, describing therelationship between the availability of dead wood and the abundance of saproxylic beetles, islinked to the economic model.The parameters used in the economic model are derived from a data set spanning 28 yearswhile the ecological model is derived from a survey of ten clear cuts, undertaken seven yearsafter the clear cutting, in order to investigate the abundance of saproxylic beetles in stumps.We simulate the effects of an increased demand for wood fuels in northern Sweden, with orwithout stump harvest. The two scenarios have different effects on all major round woodmarkets in the region, as well as on the abundance of saproxylic beetles. More specifically,the harvest of stumps is associated with a 5% reduction in the mean abundance of saproxylicbeetles living in deadwood on future clear cuts and a 3% increase in the use of renewableenergy recourses in heating plants.
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| 15. |
- Gelo, Dambala, et al.
(författare)
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Decentralization, market integration and efficiency-equity trade-offs : Evidence from Joint Forest Management in Ethiopian villages
- 2016
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 22, s. 1-23
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Tidskriftsartikel (refereegranskat)abstract
- Extant literature on Joint Forest Management (JFM) impact evaluation has concluded that it generally does not provide sufficient incentives to justify the costs that forest use restrictions impose on local people. However, there is a dearth of evidence concerning whether alternative JFM intervention with improved market linkages for non-timber forest products has similar implications. In this study, we evaluated the income and distributive effects of a JFM program in Ethiopia in which additional support was provided for improved market linkages for non-timber forest products (NTFPs). Exploiting exogenous variation in customary rights across eligible groups of communities that participate in JFM programs, as well as using heteroskedasticity-based instrumentations, we identified the income and distributive effects of the program. Our analysis shows that the program has raised the income of the households who chose to participate by approximately 400 Ethiopian Birr or 26% of per capita expenditure; that result was robust to various specifications. We also found that this effect is largely driven by marketing incentives to use non-timber forest products. However, we found that the program's benefit is biased toward the upper end of the income distribution, a result that points to the inequality-reinforcing effects of the program.
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| 16. |
- Gong, Peichen, et al.
(författare)
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Could the Faustmann model have an interior minimum solution?
- 2016
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 24, s. 123-129
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Tidskriftsartikel (refereegranskat)abstract
- The growth of an even-aged stand usually follows a S-shaped pattern, implying that the growth function is convex when stand age is low and concave when stand age is high. Given such a growth function, the Faustmann model could in theory have multiple optima and hence an interior local minimum solution. To ensure that the rotation age at which the first derivative of the land expectation value equals zero is a maximum, it is often assumed that the growth function is concave in stand age. Yet there is no convincing argument for excluding the possibility of conducting the final harvest before the growth function changes to concave. We argue that under normal circumstances the Faustmann model does not have any interior minimum. It is neither necessary nor proper to assume that the growth function is concave in the vicinity of the optimal rotation age. When the interest rate is high, the optimal rotation may lie in the interval on which the growth function is convex, i.e. before volume or value growth culminates.
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| 17. |
- Gong, Peichen, et al.
(författare)
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Did Pressler fully understand how to use the indicator per cent?
- 2010
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Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 16:3, s. 195-203
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Tidskriftsartikel (refereegranskat)abstract
- A classical problem in forest economics is the determination of the optimal rotation age. It is commonly acknowledged that Martin Faustmann and Max Robert Pressler contributed the most to the solution of this problem. Faustmann formulated the renowned land expectation value formula, which laid the foundation for economic analyses of the optimal rotation problem. He also provided several hints on how to correctly solve the problem. Pressler's work focused on the growth of the capital in a forest stand. He invented the concept of Indicator Per Cent, and argued that the Indicator Per Cent should be used to guide forestry decision-making. Pressler correctly stated how to use the Indicator Per Cent to determine when a stand should be harvested. However, his suggestions about the choice among silviculture options indicate that he did not fully understand the economic implication of the Indicator Per Cent.
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| 18. |
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| 19. |
- Guo, Jinggang, et al.
(författare)
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Impacts of Increasing Bioenergy Production on Timber Harvest and Carbon Emissions
- 2019
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Ingår i: Journal of Forest Economics. - Boston – Delft : Now Publishers Inc.. - 1104-6899 .- 1618-1530. ; 34:3-4, s. 311-335
-
Tidskriftsartikel (refereegranskat)abstract
- Using a partial equilibrium model of the Swedish forest sector, this study analyzes the impacts of an increasing bioenergy production on the timber harvest and forest growing stock. The impacts on the carbon balance of forests are also examined. The results suggest that, when compared with the base scenario, in which the current use pattern of forests continues, increased bioenergy production will lead to a 10–14 million m3 (Mm3) increase in the total harvest, depending on the extraction rate of forest residues. Increasing the use of forest residues will reduce the harvest and leave more room for accumulation of the forest stock in the early years, while the stock accumulation will be partially offset by the increased timber harvest in the long run. Increasing bioenergy production will have a negative impact on the carbon balance primarily due to a net loss of carbon stored in forests. Overall, the joint contribution of forest-based mitigation is significant, equivalent to or higher than 65% of the country’s annual GHG emissions. To achieve an ambitious bioenergy target in the long run, a fraction of pulpwood will be consumed as fuelwood that will inevitably intensify the competition between the two timber products, though increasing the use of forest residues could slightly reduce the competition in the short run.
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| 20. |
- Holgén, Per, et al.
(författare)
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Should planting of broadleaved species be encouraged at the expense of Norway spruce? : An economic approach to a current Southern Swedish forestry issue
- 2004
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Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 10:3, s. 123-134
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Tidskriftsartikel (refereegranskat)abstract
- Non-timber values of the forest have been subject to much attention in Sweden during the last decades. Of special interest in this respect are the diminishing and species rich broad-leaved forests in southern Sweden. During the late 1900s many of these forests were converted to monocultures of Norway spruce (Picea abies L. Karst.) and other conifers at a high and accelerating pace. While the consequences of this change on biodiversity are currently studied on a broad scale, recreational values, although recognized, have only been subject to a limited number of scientific studies.In the current study, we focused on timber values and recreational values of coniferous and broad-leaved forests in southern Sweden. The first objective was to model the timber value of different management alternatives including spruce or beech (Fagus sylvatica L.) at a typical southern Swedish forest site. The site expectation value for spruce was considerably higher than for beech. The second objective was to include recreational values in monetary terms in the model. The estimated required level of marginal willingness-to-pay for an increase in the area of beech forest in the county of Skåne was very low, indicating that regeneration of beech may be superior to spruce from a socio-economic point of view.
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| 21. |
- Hultkrantz, Lars, 1952-, et al.
(författare)
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Hedging with trees : Tail-hedge discounting of long-term forestry returns
- 2018
-
Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 30, s. 52-57
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Tidskriftsartikel (refereegranskat)abstract
- Tail-hedge discounting is based on decomposition of returns from long-term investments in a fraction (gamma) that is correlated with consumption and another that is not. The first part is discounted at a discount rate that includes a risk premium, the other with the risk-free rate. We estimate gamma for forestry on Swedish data for stumpage prices and GDP per capita 1909-2012. We demonstrate that the result considerably changes the expected present value of medium-term and long-term forest investments. (C) 2018 Department of Forest Economics, Swedish University of Agricultural Sciences, Umea. Published by Elsevier GmbH. All rights reserved.
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| 22. |
- Hultkrantz, Lars, 1952-, et al.
(författare)
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Stumpage prices in Sweden 1909-2012 : Testing for non-stationarity
- 2014
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Ingår i: Journal of Forest Economics. - Jena : Urban & Fischer. - 1104-6899 .- 1618-1530. ; 20:1, s. 33-46
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Tidskriftsartikel (refereegranskat)abstract
- The price of timber stumpage is one of the few natural-resource rents that can be directly observed as a market price. Rules for optimal timber harvesting under uncertainty have been found to depend on whether the timber rent price is non-stationary or stationary. In this study we extend previous research by Hultkrantz (1995) that tested for unit-root with an exogenous break point in Swedish stumpage prices from 1909 to 1990, employing data up to 2012, hence for 104 years, and unit-root tests with endogenously selected break points. We find support for a structural level break at the end of WW2 and that non-stationarity can be rejected. We show that this is a robust conclusion. There is thus no sign of a new break in the extended recent time period and no signal of a secular increase of timber resource scarcity. (C) 2013 Department of Forest Economics, Swedish University of Agricultural Sciences, Lima Published by Elsevier GmbH. All rights reserved.
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| 23. |
- Johansson, Per-Olov, et al.
(författare)
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Swapping forests to preserve valuable sites: A sketch of a framework for economic evaluation
- 2021
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Ingår i: Journal of Forest Economics. - : Now Publishers Inc.. - 1104-6899 .- 1618-1530. ; 36:3, s. 183-200
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Tidskriftsartikel (refereegranskat)abstract
- In 2012 the Swedish Environmental Protection Agency was provided with 100,000 ha of productive forest land. The Agency swapped the land to obtain conservation-worthy forests, and these were turned into natural reserves. Conservation without reference to both benefits and cost typically results in inefficient solutions. In this paper we discuss how to select the forest stands to preserve in a cost-effective manner. We also discuss how to design a cost-benefit analysis of the swapping program. We provide several new results regarding the economics of preservation, when land swaps is a viable instrument.
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| 24. |
- Kriström, Bengt, et al.
(författare)
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The infinitely worried forest owner key biotopes and forest certification in a Faustmann model
- 2020
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 35, s. 69-73
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Tidskriftsartikel (refereegranskat)abstract
- In this note, we consider a case when a forestry property may lose its market value through "political risk", illustrated here by it being classified as containing a key biotope. If a key biotope is found on a forest property in Sweden, the wood is almost impossible to sell. We show how the Faustmann formula is modified in this case and identify a "balance sheet" effect and a shortened rotation period. The theory seems to have some empirical support, given observed changes in bank lending contracts and alleged changes in forester's behavior to reduce the "political risk".
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| 25. |
- Laitila, Thomas, 1960-, et al.
(författare)
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Valuation of fishing rights associated with Swedish real estate
- 2018
-
Ingår i: Journal of Forest Economics. - : Elsevier. - 1104-6899 .- 1618-1530. ; 30, s. 25-31
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Tidskriftsartikel (refereegranskat)abstract
- In the economic literature on fisheries there is a long tradition of presenting the role of private property rights in efficient and sustainable fisheries management. We contribute to the literature by analyzing the market value of one of the world's most well defined fishing rights: the ownership of Swedish property where the fishing rights are an inseparable part of the real estate that can be traded in an open market. The fishing rights are primarily used for recreational fishing. For real estate that includes dwellings and vacation homes, the estimated value of these rights is about SEK 60,000 (about 6300), in 2016 prices. This corresponds to 4.5% of the average real estate value. However, the values are heterogeneous, and for real estate with agricultural and/or forestry land the value of the rights is less than SEK 10,000. This could be due to forest owners (as opposed to vacation home owners) primarily view the real estate as a means of generating economic returns, and the potential for this is low for fishing. The valuation of the right is expected to be a determinant of engagement in resource management and is thus important in the development of public policies for both the fish resource and recreational fisheries.
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| 26. |
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| 27. |
- Lozano, Julian E., et al.
(författare)
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Valuation of Large Carnivores and Regulated Carnivore Hunting
- 2020
-
Ingår i: Journal of Forest Economics. - Boston : Now Publishers Inc.. - 1104-6899 .- 1618-1530. ; 35:4, s. 337-373
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Tidskriftsartikel (refereegranskat)abstract
- Large carnivores are keystone species but represent economic costs to hunters. In Sweden, carnivore territories generally overlap with hunting areas, and as a result, conflicts occur because of the competition for prey. The wolf, lynx, and brown bear are protected species by law but are hunted when authorities allocate license hunting quotas. The aim of these quotas is to limit carnivore numbers. We estimate a hedonic model using ordinary least squares to address the effect of large carnivore occurrence on hunting lease prices by accounting for the presence of license hunting quotas for predators. This result is compared with the least absolute deviation estimations, which reduce the influence of outliers in the survey data. To isolate the effect of carnivores on hunting lease prices, we use snow depth and forest productivity as proxy variables for game harvest in the absence of carnivores. Our results show that lynx and wolf presence reduce hunting lease prices, but lynx presence shows higher significance and robustness. Based on median regressions, the marginal implicit price of an additional wolf territory is about 15% larger than that of an additional lynx territory. In contrast, we found no conclusive evidence that bear abundance directly affects hunting lease prices, but regulated bear hunting is found to have a positive and significant impact on hunting leases, suggesting indirect positive net benefits of increased brown bear abundance.
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| 28. |
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| 29. |
- Lundgren, Tommy, et al.
(författare)
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Bioenergy and carbon neutrality
- 2012
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Ingår i: Journal of Forest Economics. - : Urban & Fischer. - 1104-6899 .- 1618-1530. ; 18:3, s. 175-176
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Tidskriftsartikel (refereegranskat)
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| 30. |
- Lundmark, Robert
(författare)
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European trade in forest products and fuels
- 2010
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 16:3, s. 235-251
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Tidskriftsartikel (refereegranskat)abstract
- The purpose has been to determine to what extent differences in net trade and revealed comparative advantage between EU member states could be explained by differences in forest endowments, domestic demand, energy policies and other country specific characteristics. An adopted model of the Heckscher-Ohlin theory, suggesting a direct relationship between a country's trade, forest endowments and income (HOV model), has been empirically estimated for three forest products (roundwood, chips & particles and wood fuel), 19 European countries and for the period 1994-2006. Both net export and an index of revealed comparative advantages was constructed and used as dependent variables. Moreover, different model specification was estimated using different measures of forest endowments. The results suggest that forest endowments are an important determinant for explaining differences in net trade of the included forest commodities. However, domestic demand, measured by income level, is not. Thus, the results provide mixed support for the HOV model
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| 31. |
- Lundmark, Robert, et al.
(författare)
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Increasing rates of paper recycling and the locational behaviour of newsprint producing facilities in Europe
- 2001
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Ingår i: Journal of Forest Economics. - 1104-6899 .- 1618-1530. ; 7:3, s. 245-262
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Tidskriftsartikel (refereegranskat)abstract
- This paper determines the impact wastepaper recovery has on the investment decision for the European pulp and paper industry, with an emphasis on newsprint production. It begins by describing the changes in newsprint production and wastepaper recovery that occurred in the past two decades. A formal model to test the hypothesized implication of increasing wastepaper recovery on the locational choice is then outlined and empirically tested on data from 13 European countries (Austria, Belgium, Finland, France, Germany, Greece, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland and UK). We found a clear correlation between wastepaper recovery and the locational choice for newsprint investment projects, and suggest that this should have policy implications for the recycling of paper. That is, policies that increase wastepaper recovery will have a positive effect on the probability to attract newsprint investment projects.
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| 32. |
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| 33. |
- Lööf, Hans, 1961-, et al.
(författare)
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Incorporating ESG into Optimal Stock Portfolios for the Global Timber & Forestry Industry
- 2023
-
Ingår i: Journal of Forest Economics. - : Now Publishers Inc.. - 1104-6899 .- 1618-1530. ; 38:2, s. 133-157
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Tidskriftsartikel (refereegranskat)abstract
- This paper investigates how optimal portfolios of timber & forestry stocks perform relative to the global S&P timber & forestry index when corporate social responsibility (CSR) is considered. We incorporate CSR in the construction of optimal portfolios by utilizing combined environmental, social, and governance (ESG) scores. Historical as well as copula-augmented predictive models and ESG-constrained optimization are used to analyze out-of-sample performance of various portfolio strategies over the period 2018–2021. The results of copula-based portfolio strategies are better than of the historical models. Another insight gained by this study is that socially responsible investments in forestry stocks are feasible without sacrificing risk-adjusted returns.
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| 34. |
- Mark-Herbert, Cecilia, et al.
(författare)
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Urban Planners’ Perspectives on Public Private Partnership for Wooden Multistorey Construction
- 2023
-
Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 38, s. 7-35
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Tidskriftsartikel (refereegranskat)abstract
- Increased awareness of sustainable development in the construction industry and current housing shortages have contributed to market opportunities for wooden multi-storey construction (WMC) in the Nordic countries. However, the market development has been slow despite access to forest products and a political ambition to transform to a low carbon society. The aim of this study is to explain enabling factors for municipalities in Sweden to create institutional conditions that stimulate local market development of WMC. A comparative case study of municipal efforts to establish WMC norms has been conducted pointing to the importance of relationships, in so-called public private partnerships (PPP). These partnerships serve as long-lasting relations in which development processes can manage challenges relating to, for example, lack of professional experience in WMC and dated material understandings of wood as a construction material. In the Sustainable Development Goals, PPP represent enabling conditions for sustainable system transformations.
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| 35. |
- Munnich, Miriam, et al.
(författare)
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Is forest carbon sequestration at the expense of bioenergy and forest products cost-efficient in EU climate policy to 2050?
- 2016
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 24, s. 82-105
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Tidskriftsartikel (refereegranskat)abstract
- Forest management affects the quantity of CO2 emissions in the atmosphere through carbon sequestration in standing biomass, carbon storage in forest products and production of bioenergy. The main question studied in this paper is whether forest carbon sequestration is worth increasing at the expense of bioenergy and forest products to achieve the EU emissions reduction target for 2050 in a cost-efficient manner. A dynamic cost minimisation model is used to find the optimal combination of carbon abatement strategies to meet annual emissions targets between 2010 and 2050. The results indicate that forest carbon sequestration is a low-cost abatement method. With sequestration, the net present costs of meeting EU carbon targets can be reduced by 23%.
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| 36. |
- Månsson, Jonas, 1964-
(författare)
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Economies of scale in the Swedish Sawmill Industry
- 2003
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Ingår i: Journal of Forest Economics. - : Urban & Fischer Verlag Published by Elsevier GmbH. - 1104-6899 .- 1618-1530. ; 9:3, s. 169-179
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Tidskriftsartikel (refereegranskat)abstract
- In this study, scale elasticity and optimal size of the Swedish sawmill industry is investigated.An input distance function is used to compute scale elasticity. The result of the study shows that the average scale elasticity is above 1, indicating existence of economies of scale in the industry. By comparing the size of the average input – output vectors with the inefficiency adjusted input vector and the output vector for scale efficient units, we could see that, in general, there are gains to be made by expansion. However, some units may gain from becoming smaller.
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| 37. |
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| 38. |
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| 39. |
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| 40. |
- Yamamoto, Yuki, et al.
(författare)
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Preventing Peatland Fires in Central Kalimantan, Indonesia: The Role of Economic Incentives and Social Norms
- 2020
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Ingår i: JOURNAL OF FOREST ECONOMICS. - : Now Publishers. - 1104-6899 .- 1618-1530. ; 35:2-3, s. 207-227
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Tidskriftsartikel (refereegranskat)abstract
- This study examines the role of economic incentives and social norms in farmers' fire prevention behaviors using survey and remote sensing data. We focus on Central Kalimantan, Indonesia, where large peatland fires cause environmental and social problems. Our regression results indicate that farmers' prevention behaviors are positively associated with agricultural economic returns and participation in local community mutual assistance activities. On the contrary, economic returns on non-agricultural activities are negatively associated with prevention behavior. In addition, we find no difference in fire prevention activities between villages participating in the Reducing Emissions from Deforestation and Forest Degradation scheme and non-participating villages. These results suggest that a performance-based incentive is important to improve the effectiveness of policies designed to prevent peatland fires and mitigate the risk of climate change.
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| 41. |
- Andersson, Mats
(författare)
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Assessing non-industrial private forest owners' attitudes to risk: Do owner and property characteristics matter?
- 2012
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899. ; 18, s. 3-13
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Tidskriftsartikel (refereegranskat)abstract
- This study relates owner and property characteristics to non-industrial private forest (NIPF) owners' attitudes to financial risk-taking in forestry decisions. Using a two-period mean-variance setting, the harvesting decisions of NIPF owners are examined with the aim of measuring their willingness to take risks. Since willingness to pay for reduction of risk is empirically unobservable, I rely on an index of NIPF owners' attitudes to risk from a hypothetical survey question involving financial risk. According to the index, respondents (owners) are categorized as risk-averse, risk-neutral or risk-seeking. I apply a probit analysis to test how owner and property characteristics influence the NIPF owners' attitudes to risk. The results show that characteristics influence the formation of risk attitudes. More explicitly, a longer period of ownership increases the probability that the owner is risk-averse, while increased time in the forest conducting silvicultural work increases the likelihood that an owner is risk-seeking. The results also show that female NIPF owners are more risk-seeking than male owners. The study fills a knowledge gap in the literature, relating owner and property characteristics to management decisions. Inclusion of risk attitudes and the judgement of risks into studies of NIPF owners' management can help to understand why NIPF owners' harvesting may deviate from net present value maximisation. (C) 2011 Department of Forest Economics, SLU Umea, Sweden. Published by Elsevier GmbH. All rights reserved.
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| 42. |
- Boman, Mattias
(författare)
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To pay or not to pay for biodiversity in forests - What scale determines responses to willingness to pay questions with uncertain response options?
- 2009
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899. ; 15, s. 79-91
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Tidskriftsartikel (refereegranskat)abstract
- In applied contingent valuation research, the so-called multiple-bounded dichotomous Choice (MBDC) willingness to pay (WTP) question Format allows respondents to express uncertainty about their valuations. Response data from Such questions are typically treated as ordinal. since the response scale is based on rank-ordered verbal expressions. Their probabilistic nature in combination with a review of empirical Survey results suggest, however, that WTP response data based on verbal expressions Of uncertainty reflect an underlying unmeasured variable at the ratio scale level. The implications were empirically analysed using data From a recent contingent valuation Study on forest land protection for biodiversity Purposes. The verbal response categories to the MBDC (WTP) question were recoded as probabilities. The effects of different probability recodings were analysed when the distribution Of uncertain WTP was assumed to be known. Taking uncertainty into account by means of the underlying probability of acceptance will make contingent Valuation results more meaningful and transparent for both analysts and users. (c) 2008 Elsevier GmbH. All rights reserved.
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| 43. |
- Di Corato, Luca
(författare)
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Optimal conservation policy under imperfect intergenerational altruism
- 2012
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899. ; 18, s. 194-206
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Tidskriftsartikel (refereegranskat)abstract
- In this paper we study the optimal conversion policy set by a society composed of a sequence of non-overlapping imperfectly altruistic generations. We show that society can be equivalently viewed as a sequence of hyperbolic discounting agents. Under uncertainty about future pay-offs we determine, as solution to an intergenerational non-cooperative dynamic game, the optimal timing of irreversible conversion. We show that under both naive and sophisticated beliefs about future time-inconsistency, the option value attached to the conversion decision is eroded and earlier conversion occurs. This determines a drastic bias toward the current generation gratification, which affects the intergenerational allocation of benefits and costs from deforestation.
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| 44. |
- Elbakidze, Marine, et al.
(författare)
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Are bilateral conservation policies for the Bialowieza forest unattainable? Analysis of stated preferences of Polish and Belarusian public
- 2017
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899. ; 27, s. 70-79
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Tidskriftsartikel (refereegranskat)abstract
- Transboundary nature protected areas constitute a considerable proportion of all the existing spatial forms of biodiversity protection. One prominent example is the Bialowieza Forest, shared by Poland and Belarus. There is a considerable literature on allocation of funds to preserving nature shared by several countries. Some of this literature assess the funding schemes and the impacts on biodiversity within the EU. A particular challenge for the Bialowieza Forest is that the larger part of it is outside the EU border. There has been less research on the economic benefits that citizens attach to protected transboundary land nature on the other side of the border. We are trying to fill the gap by finding out and comparing preferences towards increased protection of domestic and foreign segments of the transboundary Bialowieza Forest, stated by samples of Polish and Belarusian citizens. The results of a discrete choice experiment show an almost unilateral preference for nature conservation, passive protection of forest land, on the domestic side. Whilst Polish respondents on average are willing to pay for an increased area under protection, on their side of the border, most Belarusians seem to be satisfied with the status quo. Taken at face value, there is even an apparent mutual disutility derived from the perspective of co-financing bilateral passive protection programmes in the Bialowieza Forest. By use of latent class analyses of responses, a group of the Polish sample willing to contribute to the transboundary conservation is identified and described, and compared against the non-cooperative groups on both sides of the border. The results can to some extent be explained by a strict border division with a high fence, by differences in welfare or by behavioural reasons. However, it cannot be ruled out that the affected populations simply do not perceive the Bialowieza Forest as a binational public good. (C) 2017 Department of Forest Economics, Swedish University of Agricultural Sciences, Umed. Published by Elsevier GmbH. All rights reserved.
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| 45. |
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| 46. |
- Gong, Peichen
(författare)
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The effect of collective forestland tenure reform in China: Does land parcelization reduce forest management intensity?
- 2014
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899. ; 20, s. 126-140
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Tidskriftsartikel (refereegranskat)abstract
- China implemented a new round of collective forestland tenure reform during 2003-2013. In this reform, forestland owned by villages or township collective organizations were divided into a great number of small plots and allocated to member households of the collectives. A widespread concern about the reform is that parcelization of forestland might limit farmers' incentives to invest in forest management. This paper examines the factors affecting farmers' investment in forest management using household data collected in four provinces in 2010. The results show that the intensity of a household's investment in forest management is negatively affected by its nonfarm income and the average size of forest plots, but positively affected by the easiness in obtaining loan and the technical assistance the household receives. We argue that the counterintuitive effect of nonfarm income on investment intensity is due to the increasing marginal cost of own labor input. The effects of forest plot size and easiness in obtaining loan suggest that households have limited amount of capital to invest in forest management. Because of this constraint, parcelization of forestland resulted from the recent reform has not yet caused any reduction of the intensity of investment in forest management. (C) 2014 Department of Forest Economics, Swedish University of Agricultural Sciences, Umea. Published by Elsevier GmbH. All rights reserved.
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| 47. |
- Gong, Peichen, et al.
(författare)
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The potential and cost of increasing forest carbon sequestration in Sweden
- 2017
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899. ; 29, s. 78-86
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Tidskriftsartikel (refereegranskat)abstract
- This paper examines the potential and the cost of promoting forest carbon sequestration through a tax/subsidy to land owners for reducing/increasing carbon storage in their forests. We use a partial equilibrium model based on intertemporal optimization to estimate the impacts of carbon price (the tax/subsidy rate) on timber harvest volume and price in different time periods and on the change of forest carbon stock over time. The results show that a higher carbon price would lead to higher forest carbon stocks. The tax/subsidy induced annual net carbon sequestration is declining over time. The net carbon sequestration during 2015-2050 would increase by 30.2 to 218.3 million tonnes of CO2, when carbon price increases from 170 SEK to 1428 SEK per tonne of CO2. The associated cost, in terms of reduced total benefits of timber and other non-timber goods, ranges from 80 SEK to 105.8 SEK per tonne of CO2. The change in carbon sequestration (as compared with the baseline case) beyond 2050 is small when carbon price is 680 SEK per tonne of CO2 or lower. With a carbon price of 1428 SEK per tonne of CO2, carbon sequestration will increase by 70 million tonnes of CO2 from the baseline level during 2050-2070, and by 64 million tonnes during 2070-2170. (c) 2017 Department of Forest Economics, Swedish University of Agricultural Sciences, Umea. Published by Elsevier GmbH. All rights reserved.
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| 48. |
- Gren, Ing-Marie, et al.
(författare)
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Cost-effective biodiversity restoration with uncertain growth in forest habitat quality
- 2014
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899. ; 20, s. 77-92
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Tidskriftsartikel (refereegranskat)abstract
- This paper develops a dynamic model for cost-effective selection of sites for restoring biodiversity when habitat quality develops over time and is uncertain. A safety-first decision criterion is used for ensuring a minimum level of habitats, and this is formulated in a chance-constrained programming framework. The theoretical results show; (i) inclusion of quality growth reduces overall cost for achieving a future biodiversity target from relatively early establishment of habitats, but (ii) consideration of uncertainty in growth increases total cost and delays establishment, and (iii) cost-effective trading of habitat requires exchange rate between sites that varies over time. An empirical application to the red listed umbrella species - white-backed woodpecker - shows that the total cost of achieving habitat targets specified in the Swedish recovery plan is doubled if the target is to be achieved with high reliability, and that equilibrating price on a habitat trading market differs considerably between different quality growth combinations. (C) 2013 Department of Forest Economics, Swedish University of Agricultural Sciences, Umea. Published by Elsevier GmbH. All rights reserved.
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| 49. |
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| 50. |
- He, H. R., et al.
(författare)
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Ownership, autonomy, incentives and efficiency: Evidence from the forest product processing industry in China
- 2012
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Ingår i: Journal of Forest Economics. - : Now Publishers. - 1104-6899. ; 18:3, s. 177-193
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Tidskriftsartikel (refereegranskat)abstract
- Using enterprise-level data from China's Northeast-Inner Mongolia state-owned forest area for the year 2004, this paper investigates the technical efficiency of forest product processing mills and the relationship between institutional and managerial practices and efficiency. A two-stage procedure proposed by Simar and Wilson (2007) is adopted. In the first stage, a bootstrapped data envelopment analysis (DEA) model is used to compute the efficiency scores. In the second stage, the bootstrapped DEA scores are estimated over a set of mills' institutional and managerial systems and other characteristics with a bootstrapped truncated regression. The results show that there is a wide dispersion in the technical efficiency among mills. Private ownership, autonomy and mill size have statistically significant positive impacts on efficiency. These results provide support for the ongoing reform and implications for future development of this area. (C) 2012 Department of Forest Economics, Swedish University of Agricultural Sciences, Umea. Published by Elsevier GmbH. All rights reserved.
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