The study aimed at quantifying the diversification effects caused by the production of different timber assortments. For that reason high value assortments, saw timber and pulpwood were distinguished for Norway spruce, Scots pine, Beech and Oak. These effects were analysed in portfolios formed out of conventionally treated or financially optimised stands. Timber price fluctuations and natural hazards were integrated as risk factors. The optimal portfolios were mainly determined with different downside-risk measures. Changes in the advantageous portfolios, caused by a rising energy recovery of timber, higher risks of calamities and different interest rates, were examined through scenario analysis.
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The study aimed at quantifying the diversification effects caused by the production of different timber assortments. For that reason high value assortments, saw timber and pulpwood were distinguished for Norway spruce, Scots pine, Beech and Oak. These effects were analysed in portfolios formed out of conventionally treated or financially optimised stands. Timber price fluctuations and natural hazards were integrated as risk factors. The optimal portfolios were mainly determined with different do...
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