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Mixed species plantations in Southern Chile and the risk of timber price fluctuation
Indexado
WoS WOS:000281381000015
Scopus SCOPUS_ID:77956179931
DOI 10.1007/S10342-009-0284-4
Año 2010
Tipo artículo de investigación

Citas Totales

Autores Afiliación Chile

Instituciones Chile

% Participación
Internacional

Autores
Afiliación Extranjera

Instituciones
Extranjeras


Abstract



Financial assessment in forestry is characterized by considerable impacts of risk factors due to large time horizons. Accounting for the risk of timber price fluctuation mixtures of Rauli (Nothofagus alpina, P. et E., OERST.) and Douglas fir (Pseudotsuga menziesii, Mirb.) have been evaluated by different approaches. The data were taken from plantations in Southern Chile between 39A degrees 10' and 39A degrees 50' south latitude. Increments have been modelled in order to calculate possible financial returns and changed volume growth has been taken into consideration for mixtures of large blocks and single-tree mixtures of both species. The optimum proportions of both species varied depending on the different perspectives of the financial assessment: first, the effects of diversification shown by classical portfolio approach were low; second, the integration of moderate risk aversion of the decision maker resulted in predominance of stands with high proportions of Douglas fir, but optimum proportions of Rauli increased with higher degrees of risk aversion. The maximization of the expected surplus in relation to the fluctuation of net present values (NPVs) (Sharpe ratio) resulted in even higher optimum proportions of Rauli. However, mixed stands proved more advantageous in contrast to the financial assessment without consideration of the risk factor timber price fluctuation (maximization of NPV). Finally, the integration of further risk factors can have impacts on the results as well as the integration of further effects of single-tree mixtures. Both lacks of information should be investigated for more extensive assessments in the future.

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Disciplinas de Investigación



WOS
Forestry
Scopus
Sin Disciplinas
SciELO
Sin Disciplinas

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Publicaciones WoS (Ediciones: ISSHP, ISTP, AHCI, SSCI, SCI), Scopus, SciELO Chile.

Colaboración Institucional



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Autores - Afiliación



Ord. Autor Género Institución - País
1 Hildebrandt, Patrick Hombre TECH UNIV MUNICH - Alemania
Wissenschaftszentrum Weihenstephan für Ernährung, Landnutzung und Umwelt - Alemania
2 Kirchlechner, Philipp Hombre TECH UNIV MUNICH - Alemania
Wissenschaftszentrum Weihenstephan für Ernährung, Landnutzung und Umwelt - Alemania
3 Hahn, Andreas Hombre TECH UNIV MUNICH - Alemania
Wissenschaftszentrum Weihenstephan für Ernährung, Landnutzung und Umwelt - Alemania
4 Knoke, Thomas Hombre TECH UNIV MUNICH - Alemania
Wissenschaftszentrum Weihenstephan für Ernährung, Landnutzung und Umwelt - Alemania
5 Mujica, Rodrigo Hombre Inst Forestal INFOR - Chile
Instituto Forest Biblioteca - Chile
Inst Forestal - Chile

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Origen de Citas Identificadas



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Citas identificadas: Las citas provienen de documentos incluidos en la base de datos de DATACIENCIA

Citas Identificadas: 16.67 %
Citas No-identificadas: 83.33 %

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Citas identificadas: Las citas provienen de documentos incluidos en la base de datos de DATACIENCIA

Citas Identificadas: 16.67 %
Citas No-identificadas: 83.33 %

Financiamiento



Fuente
Deutsche Forschungsgemeinschaft
German Research Foundation (DFG)

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Agradecimientos



Agradecimiento
This research was supported by German Research Foundation (DFG), project KN 586/4-1. For language editing we wish to thank Mrs. Tyra Meininger Saudland, Mr. Mathieu Girard and Mr. Ankit Aggarwal. Furthermore, we gratefully acknowledge all colleagues from INFOR who participated in the project "semi-natural forests: a technical option for rehabilitation of natural forests" and two anonymous reviewers for their comments, which improved this manuscript significantly.
Acknowledgments This research was supported by German Research Foundation (DFG), project KN 586/4-1. For language editing we wish to thank Mrs. Tyra Meininger Saudland, Mr. Mathieu Girard and Mr. Ankit Aggarwal. Furthermore, we gratefully acknowledge all colleagues from INFOR who participated in the project ‘‘semi-natural forests: a technical option for rehabilitation of natural forests’’ and two anonymous reviewers for their comments, which improved this manuscript significantly.

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