A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction
Uncertainty is a dominant feature of decision making in forestry and wildlife management. Aggravating this challenge is the irreversibility of some decisions, resulting in the loss of economic opportunities or the extirpation of wildlife populations. We adapted the real options approach from economi...
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Resilience Alliance
2008
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ftdoajarticles:oai:doaj.org/article:c304d4e2daa64ddb8ac665d088554c18 2023-05-15T18:04:19+02:00 A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction Don G. Morgan S. Ben Abdallah Pierre Lasserre 2008-06-01T00:00:00Z https://doi.org/10.5751/ES-02296-130127 https://doaj.org/article/c304d4e2daa64ddb8ac665d088554c18 EN eng Resilience Alliance http://www.ecologyandsociety.org/vol13/iss1/art27/ https://doaj.org/toc/1708-3087 1708-3087 doi:10.5751/ES-02296-130127 https://doaj.org/article/c304d4e2daa64ddb8ac665d088554c18 Ecology and Society, Vol 13, Iss 1, p 27 (2008) decision support real options forest planning wildlife management caribou Labrador Biology (General) QH301-705.5 Ecology QH540-549.5 article 2008 ftdoajarticles https://doi.org/10.5751/ES-02296-130127 2022-12-31T11:00:14Z Uncertainty is a dominant feature of decision making in forestry and wildlife management. Aggravating this challenge is the irreversibility of some decisions, resulting in the loss of economic opportunities or the extirpation of wildlife populations. We adapted the real options approach from economic theory to develop a methodology to evaluate a resource management decision to stop timber harvesting when a woodland caribou (Rangifer tarandus caribou) population becomes threatened with extinction. In our study area of central Labrador, Canada, both caribou and timber harvesting are valued ecosystem services. By using a decision rule, which incorporates future developments, the real options approach provides a technique to incorporate ecological and social uncertainty into forest-management decision making. As a result, it reduces the risk of a forest manager making a decision with unwanted irreversible consequences or failing to make a decision that could avoid such unwanted consequences. Article in Journal/Newspaper Rangifer tarandus Directory of Open Access Journals: DOAJ Articles Canada Ecology and Society 13 1 |
institution |
Open Polar |
collection |
Directory of Open Access Journals: DOAJ Articles |
op_collection_id |
ftdoajarticles |
language |
English |
topic |
decision support real options forest planning wildlife management caribou Labrador Biology (General) QH301-705.5 Ecology QH540-549.5 |
spellingShingle |
decision support real options forest planning wildlife management caribou Labrador Biology (General) QH301-705.5 Ecology QH540-549.5 Don G. Morgan S. Ben Abdallah Pierre Lasserre A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction |
topic_facet |
decision support real options forest planning wildlife management caribou Labrador Biology (General) QH301-705.5 Ecology QH540-549.5 |
description |
Uncertainty is a dominant feature of decision making in forestry and wildlife management. Aggravating this challenge is the irreversibility of some decisions, resulting in the loss of economic opportunities or the extirpation of wildlife populations. We adapted the real options approach from economic theory to develop a methodology to evaluate a resource management decision to stop timber harvesting when a woodland caribou (Rangifer tarandus caribou) population becomes threatened with extinction. In our study area of central Labrador, Canada, both caribou and timber harvesting are valued ecosystem services. By using a decision rule, which incorporates future developments, the real options approach provides a technique to incorporate ecological and social uncertainty into forest-management decision making. As a result, it reduces the risk of a forest manager making a decision with unwanted irreversible consequences or failing to make a decision that could avoid such unwanted consequences. |
format |
Article in Journal/Newspaper |
author |
Don G. Morgan S. Ben Abdallah Pierre Lasserre |
author_facet |
Don G. Morgan S. Ben Abdallah Pierre Lasserre |
author_sort |
Don G. Morgan |
title |
A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction |
title_short |
A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction |
title_full |
A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction |
title_fullStr |
A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction |
title_full_unstemmed |
A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction |
title_sort |
real options approach to forest-management decision making to protect caribou under the threat of extinction |
publisher |
Resilience Alliance |
publishDate |
2008 |
url |
https://doi.org/10.5751/ES-02296-130127 https://doaj.org/article/c304d4e2daa64ddb8ac665d088554c18 |
geographic |
Canada |
geographic_facet |
Canada |
genre |
Rangifer tarandus |
genre_facet |
Rangifer tarandus |
op_source |
Ecology and Society, Vol 13, Iss 1, p 27 (2008) |
op_relation |
http://www.ecologyandsociety.org/vol13/iss1/art27/ https://doaj.org/toc/1708-3087 1708-3087 doi:10.5751/ES-02296-130127 https://doaj.org/article/c304d4e2daa64ddb8ac665d088554c18 |
op_doi |
https://doi.org/10.5751/ES-02296-130127 |
container_title |
Ecology and Society |
container_volume |
13 |
container_issue |
1 |
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1766175662977056768 |