Maximum Sustainable Yield

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Questions and Answers

Which condition, concerning the rate of harvest $h$ and natural growth $F(X)$ of a renewable resource, precisely defines a sustainable harvest?

  • $h < F(X)$, where harvest is less than natural growth, augmenting the resource stock
  • $h = F(X)$, representing a balance where harvest equals natural growth, maintaining stock (correct)
  • $h \neq F(X)$, suggesting any imbalance prompts unsustainable exploitation
  • $h > F(X)$ indicating harvest exceeds natural growth, depleting the resource stock

The concept of Maximum Sustainable Yield (MSY) unequivocally ensures the long-term ecological health and biodiversity of a harvested ecosystem.

False (B)

Define a scenario where exceeding the Maximum Sustainable Yield (MSY) could be strategically advisable, incorporating considerations such as ecological regime shifts, invasive species management, or ecosystem restoration goals.

Exceeding the MSY could be warranted in cases where a targeted invasive species is suppressing the recovery of native species or obstructing critical ecosystem functions. A temporary overshoot in harvesting the invasive species, albeit unsustainable in the traditional sense, could trigger a regime shift toward a healthier, more resilient ecosystem state. This strategy necessitates careful adaptive management and monitoring to prevent irreversible damage to non-target species and habitats.

In the Schaefer model, the condition for a fishery to be in a steady state requires that the harvest rate, denoted as '$h$', is ______ to the natural growth function, denoted as '$F(X)$'.

<p>equal</p> Signup and view all the answers

Match each concept with its corresponding characteristic or definition:

<p>Coefficient of Catchability (q) = The proportion of the fish stock captured by one unit of effort. Effort (E) = A measure of the intensity of fishing, encompassing factors such as vessel numbers, fishing hours, and gear efficiency. Sustainable Yield = The maximum amount of a renewable resource that can be harvested without compromising the future productivity of that resource. Bioeconomic Equilibrium = The state in a fishery where economic forces (revenue, costs) balance biological factors (stock size, growth rate), determining resource use levels.</p> Signup and view all the answers

Within a bioeconomic model of fisheries, what critical assumption underlies the concept of open access that leads to the dissipation of economic profits?

<p>New entrants will continue to exploit the resource as long as any positive profit exists, intensifying harvest pressure until economic rents are exhausted. (B)</p> Signup and view all the answers

In a bioeconomic model of fisheries, imposing a tax on harvested fish will unequivocally lead to an increase in the equilibrium stock size and a higher sustainable yield.

<p>False (B)</p> Signup and view all the answers

Contrast the implications of managing a fishery under a sole owner compared to an open-access regime, delineating effects on stock levels, economic efficiency, and long-term sustainability. Elaborate on the role of discount rates in each management scenario.

<p>Under sole ownership, the manager aims to maximize the present value of the resource, leading to higher stock levels, increased economic efficiency, and potentially long-term sustainability. Higher discount rates in this context may still encourage a more rapid extraction. Conversely, open-access regimes typically result in lower stock levels, economic inefficiency due to rent dissipation, and diminished sustainability prospects because individual fishers have no incentive to conserve the resource. High discount rates exacerbate overfishing as future benefits are heavily discounted.</p> Signup and view all the answers

The bioeconomic equilibrium, where the profit is totally dissipated in an open-access fishery, is achieved when the total revenue from fishing equals the total ______ of fishing.

<p>cost</p> Signup and view all the answers

Associate each fisheries management approach with its primary objective or impact:

<p>Individual Transferable Quotas (ITQs) = Aim to align private incentives with conservation by granting secure, tradable rights to a portion of the total allowable catch. Marine Protected Areas (MPAs) = Protect critical habitats, enhance biodiversity, and potentially increase fish stocks in surrounding areas through spillover effects. Effort Controls = Limit the total fishing effort (e.g., number of vessels, fishing days) in order to indirectly regulate harvest levels and prevent overfishing. Subsidies = Can unintentionally incentivize overfishing by reducing costs and increasing profitability, even when fish stocks are depleted.</p> Signup and view all the answers

How does incorporating a density-dependent catchability coefficient ($q$ varying with stock size $X$) fundamentally alter the predicted outcomes in a bioeconomic fishery model?

<p>Reduces the propensity for overexploitation by lowering catch rates as stock sizes decline, providing a natural feedback mechanism that mitigates overfishing. (D)</p> Signup and view all the answers

In the context of optimal forest rotation, Faustmann's rule always leads to a shorter optimal rotation age compared to the simple maximization of Mean Annual Increment (MAI).

<p>True (A)</p> Signup and view all the answers

Explain how fluctuating timber prices and interest rates interact to influence the optimal forest rotation age, using the Faustmann formula as your analytical framework. Be sure to include the potential impact of expectations about future price and rate fluctuations.

<p>The Faustmann formula dictates that the optimal rotation age is when the rate of change of the present value of all future rotations slows to equal the interest rate. Fluctuating timber prices impact the timing of harvests; expected increases incentivize delaying harvests while expected decreases accelerate them. Simultaneously, higher interest rates encourage earlier harvests because the opportunity cost of delaying revenues from timber sales increases. Expectations about future fluctuations introduce speculative elements. If prices are expected to rise sharply after a certain period, rotation may be delayed despite a high current interest rate. Combining both prices and interest rates produces complex trade-offs requiring dynamic optimization techniques.</p> Signup and view all the answers

In forest economics, the Mean Annual Increment (MAI) is maximized at the age where the ______ of the volume-age curve equals the average volume growth up to that age.

<p>slope</p> Signup and view all the answers

Match each concept related to forest economics to its definition:

<p>Faustmann Formula = Determines the optimal forest rotation age by considering the present value of all future harvests, not just the current one. Land Expectation Value (LEV) = The present value of an infinite series of rotations, reflecting the value of bare land for forestry. Harvesting Decision = The point where the marginal revenue from letting the trees grow for another period equals the opportunity cost of capital. Silviculture = The practice of controlling the establishment, growth, composition, health, and quality of forests and woodlands to meet the diverse needs and values of landowners and society.</p> Signup and view all the answers

What implicit assumption in single-species forest rotation models is most often violated in real-world forest ecosystems, and what are the potential consequences of this violation?

<p>Monoculture composition; disregards the ecological benefits of biodiversity such as resilience to pests and diseases, potentially leading to ecosystem instability. (B)</p> Signup and view all the answers

Implementing a carbon tax within the framework of forest economics will invariably result in longer optimal forest rotation ages, regardless of the specific tax rate or forest growth characteristics.

<p>False (B)</p> Signup and view all the answers

Critically analyze the claim that incorporating non-timber forest products (NTFPs) into forest management decisions automatically leads to more sustainable and economically beneficial outcomes. What conditions must be met for this claim to hold true?

<p>The claim is not universally true. Incorporating NTFPs can improve sustainability and economic outcomes only if certain conditions are met. Market demand for NTFPs must exist to ensure an adequate revenue stream. The harvest of NTFPs must be ecologically sustainable and avoid damaging the long-term productivity of the forest ecosystem. Management practices must be designed to integrate timber and NTFP production synergistically, which can be challenging. Transaction costs associated with NTFP harvest and marketing must be manageable. Simply adding NTFPs without these preconditions could lead to unsustainable harvesting or economic losses.</p> Signup and view all the answers

In the context of renewable resource economics, the concept of '_ecological _______' refers to the capacity of an ecosystem to absorb disturbances and reorganize while retaining essentially the same function, structure, and feedbacks.

<p>resilience</p> Signup and view all the answers

Match each concept with its implication for sustainable resource management:

<p>Intertemporal Externalities = Decisions today negatively impact future generations. Discount Rate = The rate at which future costs and benefits are discounted relative to current ones; affects the long-term sustainability of resource use. Regime Shift = Abrupt and substantial changes in ecosystem structure and function, undermining predictability and management effectiveness. Adaptive Management = A structured, iterative process incorporating monitoring, evaluation, and adjustments to management strategies to address uncertainty.</p> Signup and view all the answers

How can the incorporation of spatial heterogeneity and connectivity within a meta-population framework significantly enhance the long-term management of a renewable resource, such as a migratory fish species?

<p>By allowing for the identification of source-sink dynamics, which helps prioritize conservation efforts in critical breeding or foraging habitats, ensuring the long-term viability of the entire meta-population. (B)</p> Signup and view all the answers

In scenarios involving renewable resource management with significant uncertainty, a precautionary approach unequivocally mandates the complete cessation of resource extraction activities.

<p>False (B)</p> Signup and view all the answers

Discuss how the principles of ecological economics challenge traditional neoclassical assumptions in the context of renewable resource management. Address the role of valuation techniques (e.g., contingent valuation, travel cost method) in bridging the gap between ecological and economic perspectives.

<p>Ecological economics challenges neoclassical tenets by recognizing the embeddedness of the economy within the environment, emphasizing finite natural capital, and contesting the substitutability of natural resources with man-made capital. Valuation techniques aim to quantify non-market values associated with ecological services. Methods like contingent valuation use surveys to elicit willingness to pay for environmental improvements, while travel cost methods infer value from recreational choices. These techniques, while imperfect, provide a framework for incorporating ecological considerations into economic decision-making, thereby informing policies for sustainable resource use.</p> Signup and view all the answers

The Hartwick's Rule suggests that a nation can maintain a constant level of consumption, even when depleting non-renewable resources, if it invests all rents derived from those resources into ______ capital.

<p>reproducible</p> Signup and view all the answers

Match each fisheries management concept with its key characteristic or definition:

<p>Maximum Economic Yield (MEY) = The level of harvest that maximizes the economic profit or rent from a fishery, considering both revenues and costs. Tragedy of the Commons = A situation where individuals acting independently and rationally, but contrary to the best interests of the whole, deplete a shared resource. Open Access Fishery = A fishery where anyone can participate without restriction, often leading to overfishing and resource depletion. Common Pool Resource = A resource that is available to many users, and where one user's consumption diminishes the availability for others.</p> Signup and view all the answers

Within the context of dynamic optimization of renewable resources, what is the significance of the 'current value Hamiltonian' and how does it facilitate optimal control?

<p>It incorporates a shadow price (co-state variable) that reflects the opportunity cost of resource use, guiding decisions towards maximizing the discounted present value of resource management. (B)</p> Signup and view all the answers

Assuming a constant discount rate, managing a slowly regenerating renewable resource will invariably lead to a more conservative harvesting strategy compared to a rapidly regenerating one.

<p>False (B)</p> Signup and view all the answers

Critically evaluate the limitations of relying solely on economic indices, such as GDP, to assess genuine societal welfare improvements resulting from renewable resource extraction. Suggest alternative or complementary metrics that provide a more comprehensive picture of sustainable development.

<p>GDP overlooks crucial dimensions of societal welfare tied to environmental sustainability and social equity. GDP fails to account for resource depletion, environmental degradation, and ecosystem services. It also disregards income inequality and social capital. Alternative or complementary metrics include Genuine Progress Indicator (GPI), which adjusts GDP for environmental costs and income distribution. The Index of Sustainable Economic Welfare (ISEW) considers consumption, income inequality, natural resource depletion, and environmental damage. Ecological Footprint measures human demand on the biosphere, while the Human Development Index (HDI) assesses health, education, and standard of living. Composite indicators that encompass environmental, social, and economic dimensions offer a more balanced and holistic view of sustainable development.</p> Signup and view all the answers

In renewable resource models, a 'bang-bang' solution typically arises under conditions of high ______ rates. Under this type of solution, it is economically efficient either to harvest the resource at maximum intensity or not to harvest at all.

<p>discount</p> Signup and view all the answers

Match the following concepts of environmental economics with the correct definition:

<p>Existence Value = Value placed on simply knowing that a resource exists even if one never plans to use it. Bequest Value = Value placed on preserving a resource for future generations to use. Use Value = Value derived from direct or indirect use of a resource. Option Value = Value of preserving an option to use a resource in the future, though there may be no current plan to do so.</p> Signup and view all the answers

Considering a renewable resource with complex, non-linear dynamics and multiple potential stable states, what is the most significant challenge in determining an optimal, sustainable management strategy?

<p>Avoiding unintended regime shifts to undesirable ecological states caused by management actions that trigger unforeseen feedback loops and synergistic effects. (D)</p> Signup and view all the answers

In a renewable resource management scenario, the presence of irreversibilities (e.g., species extinction, habitat destruction) only necessitates a more conservative extraction policy if decision-makers are risk-averse.

<p>False (B)</p> Signup and view all the answers

Explain how evolutionary adaptation in a harvested renewable resource can either enhance or undermine the effectiveness of conventional management strategies. Provide specific examples to illustrate your points.

<p>Evolutionary adaptation can both enhance and undermine management effectiveness. For instance, size-selective fishing can drive the evolution of slower-growing, early-maturing fish, reducing productivity and making MSY targets unsustainable. Adaptation can also lead to pesticide resistance in agricultural pests, necessitating more intense applications. Conversely, adaptation can enhance productivity, as seen in selective breeding programs for faster-growing trees. The key is to integrate evolutionary considerations into management, such as implementing harvest strategies that minimize selection pressure or employing integrated pest management to reduce pesticide resistance.</p> Signup and view all the answers

In the context of ecosystem-based management, the concept of 'holistic valuation' emphasizes the need to account for not only direct use values but also indirect use, option, bequest, and ______ values associated with ecosystem goods and services.

<p>existence</p> Signup and view all the answers

Match each model or concept with its corresponding description:

<p>Schaefer Model = A simple population model which assumes that, in the absence of fishing, the population follows a logistic growth pattern. Gordon-Schaefer Model = This model combines the Schaefer growth model, with fishing effort to determine the steady-state equilibrium. Bioeconomic Model = This model combines population dynamics with economics to determine the sustainable harvest. Dynamic Optimization = A technique that incorporates both the present and the future in the decision making process.</p> Signup and view all the answers

Flashcards

Sustainable Yield

The maximum amount that can be taken from a renewable resource without depleting the stock.

Maximum Sustainable Yield

A management approach often used by fisheries regulation agencies.

Sustainable Harvesting

Harvesting when the harvest rate (h) equals the natural growth rate F(X), ensuring the stock (X) remains constant.

Stationary State

An equilibrium where a constant harvest rate is maintained, maximizing yield while keeping stock constant.

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Stationarity Condition

The condition where the harvest rate equals the natural growth rate, hpme = F(Xpme).

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Maximal Yield Rate

The highest possible harvest rate while maintaining a constant stock level.

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Coefficient of Capture

The ratio of catch to effort measures how efficiently resources are converted into yield.

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Equilibrium with Fishing Effort

An equilibrium condition where the harvesting rate equals the effort exerted multiplied by the stock size and the catchability coefficient.

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Schaefer's Yield-Effort Curve

A graph illustrating sustainable yields for different levels of effort applied. Generally bell shaped.

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Free Access

The condition where a resource is accessible to all, without restrictions.

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Cost-Price Ratio (C/p)

The ratio comparing the cost of fishing effort (C) to the price of fish (p).

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Dissipation of Profit

When total fishing effort expands until economic profits are fully exhausted.

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Bioeconomic Equilibrium

A long-run equilibrium considering both biological and economic factors.

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Schaefer's bioeconomic equilibrium

An equilibrium representing the point where profits are driven to zero due to open access.

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Overexploitation

A situation where resources are overused, leading to reduced stocks

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Effort Reduction

Reducing fishing effort to decrease costs and increase overall profit.

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Marginal Cost Equals Marginal Return

The point where the additional revenue from more fishing effort equals the additional cost.

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Gordon's Model Result

The fundamental principle of resource economics that open access leads to resource depletion.

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Mean Annual Increment (MAI)

The measure of forest growth that considers total wood volume divided by stand age.

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Current Annual Increment (CAI)

The yearly change in wood volume or tree count in a forest.

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Optimal Harvest Age

The age at which harvesting maximizes wood volume over time.

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Volume (V(T))

The volume of timber currently present in the forest stand.

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Net Present Value (NPV)

The profit gained from selling harvested timber, discounted to its present value.

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Study Notes

  • L'exploitation optimale d'une ressource renouvelable ne se limite pas à la non-épuisabilité potentielle.
  • La capacité de reproduction naturelle de ces ressources crée un surplus intertemporel.
  • Un prélèvement soutenable est possible si la totalité du surplus est prélevée sans modifier le niveau initial du stock.
  • L'importance de ce surplus dépend du niveau initial du stock.

Prélèvement Maximum Soutenable

  • Le prélèvement maximum soutenable est un critère de gestion couramment utilisé par les agences de régulation des pêcheries.
  • Un prélèvement est considéré comme soutenable s'il ne dépasse pas l'accroissement naturel de la ressource.
  • Ceci signifie qu'il ne diminue pas le stock.
  • Si h représente le prélèvement du secteur de la pêche par unité de temps, la condition pour que h soit soutenable est h ≤ F(X), impliquant 0 ≤ F(X) - h.
  • Cette équation est similaire à celle de l'accumulation du capital avec investissement et dépréciation.
  • La théorie économique traite les stocks de ressources renouvelables comme des formes de capital naturel.

État Stationnaire et Rendement Maximal

  • La courbe de F (croissance) en cloche implique deux états stationnaires pour tout niveau de prélèvement.
  • Il existe un seul état stationnaire qui permet de maximiser le prélèvement tout en maintenant le stock constant.
  • Le taux de prélèvement correspondant à cet état de stationnarité est noté hpme et est le taux maximal de rendement/prélèvement de la ressource.

Pêche et Effort

  • La quantité de poissons pêchée dépend du niveau du stock.
  • Pour simplifier, on suppose que le ratio capture/effort est proportionnel aux stock de poissons (h/E=qX) où q est le coefficient de prise.
  • La quantité pêchée proportionnellement à l'effort est h = q.E.X.
  • Pour chaque niveau d'effort E, il existe un équilibre défini comme un état stationnaire du stock, compte tenu de la fonction de production du pêcheur.
  • L'équilibre est défini par F(X) - h = 0 avec h = qEX, ce qui implique F(X) - qEX = 0 et donc une prise d'équilibre h* = qEX*.

Équilibre Biologique et Technologique

  • L'équilibre biologique et technologique d'un pêcheur unique est illustré par les relations entre l'effort de pêche (E), le niveau du stock de poissons (X) et la prise (h).
  • Le stock de poisson d'équilibre X* diminue lorsque l'effort augmente.
  • La prise d'équilibre h* augmente avec E jusqu'à un certain point (Epme) puis diminue.

Courbe Rendement-Effort de Schaefer

  • La courbe rendement-effort de Schaefer h = h'(E) représente les rendements d'équilibre ou rendements soutenables pour différents niveaux d'efforts E.
  • Cette courbe a également une forme en cloche.
  • Il faut noter que cette courbe représente uniquement les rendements d'équilibre soutenable h*.

Hypothèses Supplémentaires

  • Trois hypothèses supplémentaires sont posées à partir du modèle précédent :
  • La ressource est en accès libre.
  • La pêche a des coûts économiques, notés C, supposés proportionnels au niveau d'effort : C = c.E.
  • Le prix de marché des poissons pêchés est exogène, constant et égal à p.

Profit et Effort en Accès Libre

  • Le profit d'un pêcheur pendant la période est Ï€ = ph - cE.
  • En accès libre, tant que Ï€ > 0, il est rentable d'accroître l'effort total de pêche.
  • De nouveaux pêcheurs se lancent dans l'activité jusqu'à ce que les profits s'annulent.
  • En conséquence, l'effort se fixe au niveau d'équilibre E* pour lequel le profit est totalement dissipé, avec Ï€ = ph - cE = 0.

Équilibre Bioéconomique

  • En combinant l'équilibre avec le modèle de rendement-effort de Schaefer, on déduit l'équilibre bioéconomique.
  • Cet équilibre biologique et économique (Gordon 1954) est réalisé pour un niveau de stock constant XEB tel que ph'(E) - cE = 0, ce qui est équivalent à h'(E) - (c/p)E = 0.
  • L'équilibre correspond à l'équilibre soutenable biologiquement qui dissipe le profit entre les pêcheurs.
  • Graphiquement, il est donné par l'intersection entre la courbe de Schaefer et la courbe de coût réel total c/p = E.
  • L'équilibre bioéconomique dépend du rapport coût/prix (c/p).

Coûts, Prix et Surexploitation

  • Si les coûts sont particulièrement élevés par rapport au prix, la ressource ne sera pas exploitée car la pêche n'est pas rentable (E* = 0).
  • Si c/p est élevé, un équilibre bioéconomique peut s'établir à un niveau E* < Epme et il n'y a pas alors de surexploitation.
  • Si c/p est faible, on a un équilibre bioéconomique E* > Epme, ce qui conduit à une surexploitation.
  • La surexploitation d'une ressource halieutique en libre accès est inévitable dès lors que la demande est forte et le prix élevé, au regard des coûts de production.
  • Le risque d'extinction est d'autant plus fort que c/p est faible.

Surexploitation

  • En situation de surexploitation, une réduction de l'effort qui réduit les coûts et augmente les recettes permettrait de dégager un profit supplémentaire.
  • En réalité, en raison du libre accès à la ressource, si Ï€ > 0, de nouveaux pêcheurs entrent, entraînant une élévation de l'effort E, de sorte que cette réduction de l'effort ne se réalise pas.

Équilibre Bioéconomique et Rendement Maximal

  • À l'équilibre bioéconomique, le rendement de l'effort doit être soutenable, compatible avec un stock de ressource constant et le profit maximum.
  • L'équilibre bioéconomique est atteint quand le rendement soutenable marginal est égal au coût marginal, soit dh'(E)/dE = c/p.
  • Graphiquement, l'équilibre est atteint au point A où la pente de la tangente à la courbe de Schaefer est égale à c/p.

Optimum Social vs. Équilibre Décentralisé

  • E* correspond au niveau d'effort d'équilibre de la pêcherie en libre accès pour lequel le profit est nul, tandis que E** est l'effort de la pêcherie avec un propriétaire unique.
  • Le libre accès implique une surexploitation économique, car trop d'effort est consacré à l'activité de pêche par rapport à ce qui serait optimal si le stock de poissons appartenait à un seul exploitant qui maximiserait son profit au lieu de l'annuler.

Conclusion sur l'Accès Libre

  • Le libre accès implique un niveau d'effort trop élevé et donc un stock de ressource trop faible.
  • Le risque de surexploitation augmente.
  • Ce résultat est le second théorème fondamental de l'économie des ressources naturelles (Gordon, 1954).
  • L'exploitation d'une ressource en accès libre est plus intense que l'exploitation par un propriétaire privé et peut rapidement mener à l'extinction de la ressource.
  • Dans un modèle statique, si le coefficient de prise q (lié à la fonction de capture) diminue lorsque le stock devient plus faible (plus réaliste), le libre accès aboutit à une surexploitation moins importante.
  • Ce mécanisme agit comme une force de rappel, rendant ainsi quasiment impossible d'épuiser le stock.

Choix de l'Âge de Coupe (Récolte) des Bois

  • Il existe une relation entre le volume de bois produit et l'âge du peuplement.

Croissance Naturelle des Forêts

  • Les facteurs importants pour avoir une idée de la croissance des forêts sont:
  • La taille initiale de la population.
  • La distribution spatio-temporelle de l'espèce en question.
  • Le taux de mortalité naturelle.
  • Deux indicateurs fondamentaux:
  • Accroissement annuel moyen (Mean annual increment (MAI)): Augmentation moyenne des arbres ou du volume de bois produit par année d'existence écoulée.
  • Accroissement annuel courant (current annual increment (CAI)): Augmentation annuelle des arbres ou du volume de bois produit durant une année d'existence écoulée.

Prise de Décision

  • Chercher le point culminant de la MAI détermine l'âge de coupe maximisant le volume dans le temps.
  • Cet âge de coupe est le Tm (MAI Max), où la production moyenne égale la production marginale.

Modèle de Rotation

  • Dans le cas d'un seul peuplement et un seul problème de rotation, il faut prendre en compte les hypothèses suivantes:
    • Le peuplement est déjà en place (coûts d'installation nuls).
    • Aucune dépense d'entretien n'a lieu.
    • Il n'y aurait pas de succession après la coupe.
  • Avec un taux d'actualisation δ, un prix net des coûts de l'extraction (p), un volume de bois à l'âge T (V(T)), la valeur actuelle nette (Π) est donc calculée comme Π=[P*V(T)]*e^(-δT).

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