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
2008-06-01
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| Series: | Ecology and Society |
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| Online Access: | http://www.ecologyandsociety.org/vol13/iss1/art27/ |
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doaj-c304d4e2daa64ddb8ac665d088554c182020-11-24T23:54:12ZengResilience AllianceEcology and Society1708-30872008-06-011312710.5751/ES-02296-1301272296A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of ExtinctionDon G. Morgan0S. Ben Abdallah1Pierre Lasserre2British Columbia Ministry of Forests and RangeUniversité du Québec à MontréalUniversité du Québec à MontréalUncertainty 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.http://www.ecologyandsociety.org/vol13/iss1/art27/decision supportreal optionsforest planningwildlife managementcaribouLabrador |
| collection |
DOAJ |
| language |
English |
| format |
Article |
| sources |
DOAJ |
| author |
Don G. Morgan S. Ben Abdallah Pierre Lasserre |
| spellingShingle |
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 Ecology and Society decision support real options forest planning wildlife management caribou Labrador |
| 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 |
| series |
Ecology and Society |
| issn |
1708-3087 |
| publishDate |
2008-06-01 |
| 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. |
| topic |
decision support real options forest planning wildlife management caribou Labrador |
| url |
http://www.ecologyandsociety.org/vol13/iss1/art27/ |
| work_keys_str_mv |
AT dongmorgan arealoptionsapproachtoforestmanagementdecisionmakingtoprotectcaribouunderthethreatofextinction AT sbenabdallah arealoptionsapproachtoforestmanagementdecisionmakingtoprotectcaribouunderthethreatofextinction AT pierrelasserre arealoptionsapproachtoforestmanagementdecisionmakingtoprotectcaribouunderthethreatofextinction AT dongmorgan realoptionsapproachtoforestmanagementdecisionmakingtoprotectcaribouunderthethreatofextinction AT sbenabdallah realoptionsapproachtoforestmanagementdecisionmakingtoprotectcaribouunderthethreatofextinction AT pierrelasserre realoptionsapproachtoforestmanagementdecisionmakingtoprotectcaribouunderthethreatofextinction |
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1716255607596515328 |