Portfolio management of mixed-species forests
Résumé
We propose to test the portfolio selection theory on the historical data of tree species’ productivities obtained from the French National Forest Inventory (IFN). We determine the optimal timber productivity-vulnerability arrangements out of the combinations of tree species and map the optimal compositions per administrative department in France. We also estimate the survivals of optimal portfolios using the species’ probabilities of presence. Our results show that greater weights in the optimal portfolios correspond to higher probabilities of presence.
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