Economic analysis of replacement regeneration and coppice regeneration in eucalyptus stands under risk conditions

CERNE

Oliveira, Antônio Donizette de²  Mello, José Márcio de²  Silva, Charles Plínio de Castro³  Guedes, Isabel Carolina de Lima³  Rezende, José Luiz Pereira de²  Coelho Júnior, Luiz Moreira¹ 

[1] Intituto Agronômico do Paraná, Santa Tereza do Oeste, Brasil$$;Universidade Federal de Lavras, Lavras, Brasil$$;Plantar, Belo Horizonte, Brasil$$

关键词: Forest economics;    investment analysis;    risk and uncertainty.;   

DOI  :  10.1590/S0104-77602011000300014

来源: Universidade Federal de Lavras-UFLA

【 摘 要 】

Projects are by their very nature subject to conditions of uncertainty that obstruct the decision-making process. Uncertainties involving forestry projects are even greater, as they are combined with time of return on capital invested, being medium to long term. For successful forest planning, it is necessary to quantify uncertainties by converting them into risks. The decision on whether to adopt replacement regeneration or coppice regeneration in a forest stand is influenced by several factors, which include land availability for new forest crops, changes in project end use, oscillations in demand and technological advancement. This study analyzed the economic feasibility of replacement regeneration and coppice regeneration of eucalyptus stands, under deterministic and under risk conditions. Information was gathered about costs and revenues for charcoal production in order to structure the cash flow used in the economic analysis, adopting the Net Present Value method (VPL). Risk assessment was based on simulations running the Monte Carlo method. Results led to the following conclusions: replacement regeneration is economically viable, even if the future stand has the same productivity as the original stand; coppice regeneration is an economically viable option even if productivity is a mere 70% of the original stand (high-tree planted stand), the best risk-return ratio option is restocking the stand (replacement regeneration) by one that is 20% more productive; the probabilistic analysis running the Monte Carlo method revealed that invariably there is economic viability for the various replacement and coppice regeneration options being studied, minimizing uncertainties and consequently increasing confidence in decision-making.

【 授权许可】

Unknown