Bootstrap simulation, Markov decision process models, and role of discounting in the valuation of ecological criteria in uneven-aged forest management

Abstract

Besides the market value of timber, forests provide substantial nonmarket benefits, especially with continuous-cover silviculture, which have long been acknowledged by forest managers. They include wildlife habitat (e.g. Bevers and Hof 1999), carbon sequestration (e.g. Dewar and Cannell 1992), biodiversity (e.g. Kangas and Kuusipalo 1993; Austin and Meyers 1999), landscape diversity (e.g. Gobster 1999), etc.

Citation

Zhou, Mo; Buongiorno, Joseph; Liang, Jingjing. 2012. Bootstrap simulation, Markov decision process models, and role of discounting in the valuation of ecological criteria in uneven-aged forest management. In: Pukkala, T.; Von Kadov, K., eds. Continuous cover forestry, 2nd Ed. Springer, Dordrecht. 242-271.