Fig. 2

Forest management portfolios, composed of Norway spruce (Sp) and European beech (Be), derived for large deviations considered (left m = 3.0, corresponds to a standard deviation of 83) and smaller deviations (right m = 1.0, corresponds to a standard deviation of 115) with their corresponding uncertainty sets, expressed as the standard deviation. Represented are portfolios for all uncertainty space sizes between 1.0 ≤ m ≤ 3.0 increasing in 0.1 steps; thus, each column shows a different uncertainty space