英文标题：
《Optimal forest rotation age under efficient climate change mitigation》
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作者：
Tommi Ekholm
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最新提交年份：
2015
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英文摘要：
This paper considers the optimal rotation of forests when the carbon flows of forest growth and harvest are priced with an increasing price. Such an evolution of carbon price is generally associated with economically efficient climate change mitigation, and would provide incentives for the land-owner for enhanced carbon sequestration. With an infinitely long sequence of even-aged forest rotations, the optimal harvest age changes with subsequent rotations due to the changing carbon price. The first-order optimality conditions therefore also involve an infinite chain of lengths for consecutive forest rotations, and allow the approximation of the infinite-time problem with a truncated series of forest rotations. Illustrative numerical calculations show that when starting from bare land, the initial carbon price and its growth rate both primarily increase the length of the first rotation. With some combinations of the carbon pricing parameters, the optimal harvest age can be several hundred years if the forest carbon is released to the atmosphere upon harvest. This effect is not, however, entirely monotonous. Consequently, the currently optimal harvest ages are generally lower with higher rates of carbon price increase. This creates an interesting temporal aspect, suggesting that the supply of wood and carbon sequestration by forests can change considerably during subsequent rotations under an increasing price on carbon.
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中文摘要：
本文考虑了当森林生长和收获的碳流量随价格的增加而定价时，森林的最佳轮作。碳价格的这种演变通常与经济高效的气候变化缓解有关，并将为土地所有者提供增强碳封存的激励。在一个无限长的同龄森林轮作序列中，由于碳价格的变化，最佳收获年龄随后续轮作而变化。因此，一阶最优性条件还涉及连续森林轮换的无限长链，并允许用截断的森林轮换序列逼近无限时间问题。说明性数值计算表明，当从裸地开始时，初始碳价格及其增长率都主要增加第一轮的长度。在碳定价参数的某些组合下，如果森林碳在收获时被释放到大气中，最佳收获年龄可以是几百年。然而，这种效果并不是完全单调的。因此，目前的最佳收获年龄通常较低，碳价格上涨率较高。这创造了一个有趣的时间方面，表明在碳价格不断上涨的情况下，森林的木材供应和碳封存在随后的轮作期间可能会发生很大变化。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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