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Hedging with trees: Tail-hedge discounting of long-term forestry returns
Örebro University.
2018 (English)In: Journal of Forest Economics, ISSN 1104-6899, E-ISSN 1618-1530, Vol. 30, p. 52-57Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
Elsevier, 2018. Vol. 30, p. 52-57
Keywords [en]
Discounting, Far-distant future, Declining discount rates, Forestry, Forest economics, Cost-benefit analysis
National Category
Forest Science
Research subject
Technology (byts ev till Engineering), Forestry and Wood Technology
Identifiers
URN: urn:nbn:se:lnu:diva-72695DOI: 10.1016/j.jfe.2018.02.001ISI: 000428028000006OAI: oai:DiVA.org:lnu-72695DiVA, id: diva2:1197718
Available from: 2018-04-13 Created: 2018-04-13 Last updated: 2018-04-13Bibliographically approved

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Mantalos, Panagiotis

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  • nn-NB
  • sv-SE
  • Other locale
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Output format
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  • text
  • asciidoc
  • rtf