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Estimating economic value of site quality for uncertain ecosystem service provision in Swedish forests

Gren, Ing-Marie and Amuakwa-Mensah, Franklin (2018). Estimating economic value of site quality for uncertain ecosystem service provision in Swedish forests. International Journal of Biodiversity Science, Ecosystems Services & Management. 14 , 117 - 126
[Research article]

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Official URL: http://dx.doi.org/abs/10.1080/21513732.2018.147214...


As in other ecosystems, provision of ecosystem services from forests is uncertain because of stochastic weather conditions. In general, society is risk-averse, which means that factors increasing or decreasing the uncertainty in ecosystem services add a source of cost or value to society, measurement of which is lacking in the literature. This article suggests a method for calculating the impact of site-specific ecological conditions in Swedish forests on the economic value of uncertain ecosystem services in terms of timber and carbon sequestration. Applying econometric tools from economics and finance to time-series forest data in Sweden reveals that a site quality indicator adds positively to forest growth rate and decreases uncertainty in forest productivity and associated provision of ecosystem services. The importance of site quality is demonstrated by showing that a marginal increase in site quality can raise the economic value of timber and carbon sequestration by 9% and that neglecting uncertainty can underestimate the value of the contribution by 12%. These findings indicate that management practices improving site quality have the potential of raising the total economic value of forest ecosystem and stabilizing its volatility.

Authors/Creators:Gren, Ing-Marie and Amuakwa-Mensah, Franklin
Title:Estimating economic value of site quality for uncertain ecosystem service provision in Swedish forests
Series Name/Journal:International Journal of Biodiversity Science, Ecosystems Services & Management
Year of publishing :2018
Page range:117 - 126
Number of Pages:10
Publisher:Taylor & Francis
Publication Type:Research article
Article category:Scientific peer reviewed
Version:Published version
Copyright:Creative Commons: Attribution 4.0
Full Text Status:Public
Subjects:(A) Swedish standard research categories 2011 > 4 Agricultural Sciences > 401 Agricultural, Forestry and Fisheries > Forest Science
(A) Swedish standard research categories 2011 > 5 Social Sciences > 502 Economics and Business > Economics
Agrovoc terms:econometrics, forest growth, ecosystem services, carbon sequestration
Keywords:site quality, forest growth, timber, carbon sequestration, uncertainty, econometrics, Sweden
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Additional ID:
Type of IDID
ID Code:15480
Faculty:NJ - Fakulteten för naturresurser och jordbruksvetenskap
Department:(NL, NJ) > Dept. of Economics
Deposited By: SLUpub Connector
Deposited On:29 May 2018 06:04
Metadata Last Modified:09 Sep 2020 14:17

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