Economics of species change subject to risk of climate change and increasing information: a (quasi-)option value analysis

Table 1 Operations and benefits of Douglas-fir plantation and regeneration (Euros per hectare)

Operations (year)	Benefits, plantation	Benefits, natural regeneration
Initial cost	Plantation (0): −2,132	Clearing (3): −1,212
Thinning (14)	−920	−1,170
Thinning (24)	885	885
Thinning (37)	1,305	1,305
Thinning (51)	2,989	2,989
Thinning (68)	10,584	10,584
Thinning (71)	5,170	5,170
Harvest (74)	18,315	18,315
Net present value at 4 %	NPV(DF,plant) = 452	NPV(DF,rege) = 1,362

Source: (Deltombe et al. 2008) adapted from Itinéraires Techniques de Travaux Sylvicoles, Le Pin Noir, Languedoc-Roussillon, Office National des Forêts, août 2002, 31 p

ISSN: 1297-966X