Multiple-stand forest management under fire risk: Analytical characterization of stationary rotation ages and optimal carbon sequestration policy

This paper focuses on the characterization of stationary states for a multiple-stand forest that is subject to forest fires and managed by a producer who has expected utility preferences. An analytical and tractable characterization of the stationary rotation age is established on the basis of Karush–Kuhn–Tucker conditions. The rotation age is shown to be unique and to depend on the risk probability but not on producer's risk preferences. A numerical application, using these analytical findings...
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