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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ftjecolog:oai:.www.ecologyandsociety.org:article/2296 2023-05-15T18:04:20+02:00 A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction Morgan, Don G. 2008-05-28 text/html application/pdf http://www.ecologyandsociety.org/vol13/iss1/art27/ en eng Resilience Alliance Ecology and Society; Vol. 13, No. 1 (2008) decision support; real options; forest planning; wildlife management; caribou; Labrador; Peer-Reviewed Reports 2008 ftjecolog 2019-04-09T11:22:34Z 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. Other/Unknown Material Rangifer tarandus Unknown Canada |
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ftjecolog |
language |
English |
topic |
decision support; real options; forest planning; wildlife management; caribou; Labrador; |
spellingShingle |
decision support; real options; forest planning; wildlife management; caribou; Labrador; Morgan, Don G. 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; |
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 |
Other/Unknown Material |
author |
Morgan, Don G. |
author_facet |
Morgan, Don G. |
author_sort |
Morgan, Don G. |
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 |
http://www.ecologyandsociety.org/vol13/iss1/art27/ |
geographic |
Canada |
geographic_facet |
Canada |
genre |
Rangifer tarandus |
genre_facet |
Rangifer tarandus |
op_source |
Ecology and Society; Vol. 13, No. 1 (2008) |
_version_ |
1766175670440820736 |