A model to estimate available timber and forest biomass and reforestation expenses in a mountainous region in Japan

We developed a model to estimate supply potentials and available amounts of timber and forest biomass resources from profitable sub-compartments of thinning and final felling operations. Economic balances were estimated while considering not only harvesting expenses but also reforestation expenses after final felling, which should be considered for sustainable forest management. Harvesting expenses were estimated based on two types of timber harvesting systems and three types of forest biomass harvesting systems in each sub-compartment. Then, the model was applied to Nasushiobara city of Tochigi prefecture, Japan. Reforestation expenses had large negative impacts on the financial balances of final felling operations. Few sub-compartments were profitable after considering reforestation expenses. Most profitable sub-compartments were those with mechanized operation systems and landing sales. These accounted for 17.19% of all sub-compartments, while only 5.75% of the sub-compartments were profitable based on their current operation systems and landing sales. Although the overall supply potentials of timber and forest biomass resources were 380,000 m3 and 210,000 Mg, respectively, and 15 times the planned harvest of coniferous tree volume of 25,000 m3year-1 and 50 times the annual demand for the woody gasification power generation of 4,000 Mg year-1 in Nasushiobara, available amounts of timber and forest biomass resources were only49,429 m3 and 33,333 Mg, which were 13.0% and 15.7% of supply potentials for landing sales with mechanized operation systems.     

Examining the Optimal Method to Extract Logging Residues from Small-Scale Forestry in the Nasunogahara Area,Tochigi Prefecture,Japan

This study examines the optimal method to extract logging residues from small, fragmented and scattered forests separately from the mechanized operational systems used on aggregated forestry operation sites. First, small-scale logging systems operated by a private logging contractor and an individual forest owner were investigated. Regression equations for estimating felling and processing cycle times were established as a function of stem and log volumes, respectively. Equations to estimate the forwarding and transporting cycle times were established as a function of the forwarding and transporting distances using the forwarding and transporting velocities, respectively. Then, equations to estimate productivities and costs were established with the cycle times, volumes and hourly operational expenses consisting of labour and machinery expenses. Finally, costs of the small-scale systems—mini-forwarder and 4 t truck operated by a private logging contractor, and manual logging and light truck operated by an individual forest owner—were estimated and compared with the mechanized operation system operated by the Forest Owners’ Association. The mechanized operation system was found to have the highest cost and could not compete for small forestry operational sites and small stem volumes. The small-scale systems could be effective for harvesting small areas. This was especially true when conducting extracting operations without machines, as done by the individual forest owner, and transporting operations by a private logging contractor, in which the hourly income of the individual forest owner was higher than the hourly labour expenses.     

Estimating the annual supply potential and availability of timber and logging residue using forest management records of the Tochigi prefecture, Japan

We used forest management records to estimate the annual supply potential and availability of timber and logging residue from profitable subcompartments for all the cities and towns in the Tochigi prefecture. Five log markets and three factories in the Tochigi prefecture were assumed to be the destination of timber and logging residue, and the forest operation systems were set on the basis of interviews with forestry cooperative officials. The results showed that the annual supply potential of timber and logging residue was 450,304 m³ and 549,957 tons, of which 6 % (26,304 m³) and 37 % (204,122 tons) were from precommercial thinning operations, 61 % (276,180 m³) and 50 % (276,276 tons) were from commercial thinning operations, and 33 % (147,820 m³) and 13 % (69,559 tons) were from final-felling operations, respectively. When the unit price of the logging residue was 10,000 yen/ton, the annual logging residue availability from profitable subcompartments could almost cover the annual demand of the three facilities that we considered in this study. Introduction of feed-in tariffs had a significant impact. However, the ratios of the availability to supply potential with unit prices of logging residue of 3,000, 6,000, and 10,000 yen/ton were estimated to be only 1.67, 2.06, and 4.09 %, respectively. Considering the subsidies, the ratios respectively increased to 5.79, 7.35, and 13.09 %. Furthermore, the annual logging residue availability with subsidy could meet 70 % of the annual woody biomass demand of the large-scale factory in Sano city, which is 100,000 tons.     

Willingness of Nonindustrial Private Forest Owners in Norway to Supply Logging Residues for Wood Energy

Norway has set ambitious targets for increasing bioenergy production. Forest residue extraction levels are currently very low, but residues have the potential to be an important component of the wood energy supply chain. A representative sample of Norwegian nonindustrial private forest owners having at least 8 ha (20 acres) of productive forest land was surveyed about their willingness to supply logging residues for wood energy production. About 59 % responded that they were willing to do so. Logistic regression analyses revealed that the following factors were positively associated with the likelihood of being willing to supply logging residues: total forest area, education level, living in a region with active timber markets and a history of forest production, and having positive perceptions of residue extraction and forestry’s role in mitigating climate change. Four variables were negatively associated with the likelihood to supply residues: living on property, being older than 65 years, having family or friends who are opposed to residue extraction, and having negative perceptions of residue extraction. The study provides insight regarding nonindustrial forest owners’ attitudes towards extraction of forest residues that may aid policy-makers designing effective means to meet national bioenergy production goals.     

Information Needs of Non-industrial Private Forest Owners After Logging Operations in Finland: A Case Study

In this study, the information needs of non-industrial private forest owners in Finland, after logging operations, were investigated. The study was carried out as an online survey in 2017. The survey was targeted at non-industrial private forest owners who had sold their timber during the previous 10 years (2008–2017) and whose email addresses were in the customer relationship management system of a large wood procurement company in Finland. A response link for the survey was successfully sent to 31,988 forest owners, of whom 3323 replied (response rate: 10.4%). The final study data included 3284 non-industrial private forest owners. The results of the study, which need to be interpreted cautiously due to the low response rate, showed that the forest owners want better-quality reporting after logging operations. Furthermore, the results suggested that gender, age, education, occupational status, place of living, size of, and access to, forest property, and length of, and objectives for, forest ownership have a significant effect on their information needs. Younger, highly-educated, female, urban-living and multi-objective forest owners with larger forest holdings and short forest ownership tenures desired more information. Particularly, the respondents conveyed that they would like more and better information about thinning harvesting result. The results also indicated that when different groups of forest owners call for certain information, there is a need for producing different types of reports after logging operations for different forest owner segments.

     

A Survey of Logger Concerns When Working with Small Woodland Owners

Many small woodland owners will harvest timber only once in their lifetime. Their expectations of a logging operation do not often match with reality. On the other side of the equation, loggers express frustration when working with small woodland owners. The jobs are smaller and often come with complications not found with industrial forest owners. Adding to this is the fact that the two parties often aren’t speaking the same language. In order to better prepare landowners for this operation, we surveyed logging contractors to learn about the interactions with small woodland owners in Oregon, USA. The mail survey focused on how jobs were bid, use of contracts, and difficulties that loggers had when working with small woodland owners. Results provide information that confirms the challenges present when working with many individual owners who do not have experience with harvest operations. Survey results also confirm that the logging workforce in Oregon is aging on average. Results showed no correlation between the number of years working as a logger and responses to other questions.     

Landowner Willingness to Engage in Long-Term Timber Leases in West Virginia,USA

As global competition increases for wood-based products, the need for more efficient supply chains becomes increasingly important. In the forest products sector, these supply chains involve individuals and firms ranging from private forestland owners with standing timber to factories producing final finished products. Long-term timber leases are one mechanism that can be used to develop access to timber supplies for companies unable or unwilling to purchase land outright for growing timber. To investigate private forest owner opinions and attitudes regarding long-term timber leases, we conducted a survey of landowners from Wetzel county, West Virginia. No long-term leases were reported by respondents, but 24% claimed they would enter a lease under certain conditions. The most frequently listed concern related to long-term timber leases was for the “loss of control”. Results of this survey are discussed in the light of forest management efforts that might be used to improve the social, financial, and environmental benefits for private forest owners.     

The impact of storm damage on small-scale forest enterprises in the south-west of Germany

Storm damage is considered to be one of the most important risk factors for forestry in Central Europe. At the end of 1999 a centennial storm event hit the south-east of Germany and Switzerland, as well as central and western parts of France, and caused great damage. Forests in Baden-Württemberg were severely affected, with 30 M m³ of timber felled due to storm damage, three times the amount of the normal annual cut. Approximately 5.2 M m³ of the wind-thrown timber was in private forests, of which most were located in the central Black Forest. Smaller shares came from other regions of Baden-Württemberg. The economic damages and strategies of the forest owners were analysed in a multi-dimensional approach, using economic data from long-term accountancy networks, in combination with the results of a qualitative opinion poll amongst private forest owners. A storm coefficient was devised as a suitable indicator for the concerns of owners or ownership classes. The predicted operating income of the private forest owners is related to this coefficient. Cash flow simulations suggest that enterprises with a coefficient of more than 100% suffer from a reduction of their economic base. By combining the results derived from the accountancy networks with findings from the opinion poll it was found that the owners took an active decision towards self-processing and were able to save more than 30 M ￡ by choosing this strategy. State support which was provided in a variety of ways is also identified. A range of programs and institutional support measures mitigated the impact of the storm disaster. The effectiveness and acceptance of these measures by forest owners was confirmed by the results of the opinion poll.     

The emergence of the European Union Timber Regulation: How Baptists,Bootleggers, devil shifting and moral legitimacy drive change in the environmental governance of global timber trade

The European Union Timber Regulation (EUTR) was adopted in 2010. This Regulation prohibits placing illegally harvested timber on the EU market and obliges economic operators who put timber products for the first time on the EU market to exercise due diligence. So far, little research has been done to understand the politics of the EUTR. Based on 25 interviews with key informants and the analysis of 32 policy documents, this paper explains the emergence of the Regulation as a result of coalitional politics driven by both conflict and cooperation among state and non-state actors. We show that the politics of the EUTR is marked by heated policy debates and mistrust, in particular in regards to the prohibition clause and the relation between legality and sustainability. Domestic timber producers (public and private forest owners), forest industry (sawmilling, furniture, pulp and paper) and forest-rich EU member states (e.g. Austria, Germany, Finland and Sweden) represented in the Council built a CONTRA-coalition that were (initially) opposed to the regulatory changes suggested by the PRO-coalition of environmental groups and the European Parliament. The Regulation emerged through a strategic alliance between environmental groups, timber import-dependent forest industries and retailers. This “Baptists-and-Bootleggers” alliance was facilitated by an overlap of environmentalists' beliefs and moral arguments (emphasizing the negative societal and ecological impacts of illegal logging) and timber industries' economic interests (protectionism and market expansion as well as reputational improvement). The EUTR was finally adopted through the political support of national authorities of EU member states who are timber import-dependent (the UK, the Netherlands and Denmark), and the European Parliament. The paper concludes with a reflection on the importance of coalitional politics for policy change at the nexus between environmental, trade and market policies.     

Variations in the Social Networks of Forest Owners: The Effect of Management Activity,Resource Professionals,and Ownership Size

Social networks play an important role in the communication of information among forest owners and how owners process that information in making land management decisions. This article examines variations in the social network characteristics of family forest owners using survey data and interviews with 42 owners in south-central Indiana. We examine how network structure and content vary by harvesting activity, information sources, ownership attributes, sociodemographic characteristics, and location. Quantitative measures of network size and diversity, along with a qualitative understanding of network content and function are discussed and compared for active and passive forest managers. We find that active managers (people who had a recent timber harvest) had at least twice as many social ties related to forest management compared to passive managers, particularly after accounting for parcel ownership size, forest area, and total landholding size. Learning and service were the main functions of these networks, with learning being the most frequently cited reason for talking to others regardless of the management profile of forest owners. The study contributes to a growing interest in mixed-methods approaches to network studies and research on social networks in private forestry.     

小兴安岭低质林改造后小径木和采伐剩余物综合利用探讨

通过对小兴安岭低质林改造过程中产生的中小径木和采伐剩余物研究,分析中小径木和采伐剩余物的产生量,提出其利用途径和价值。结果表明：改造采伐时产生的大径木、中径木、小径木、短小材和薪材的出材量分别为1.13m^3/hm^2、32.15m^3/hm^2、38.30m^3/hm^2、4.79m^3/hm^2和12.68 m^3/hm^2,中小径木和薪材的出材量较高;改造地每公顷中小径木直接出售可获得6.5万元的收入。采伐剩余物总量为16.92 m^3/hm^2。小径木除了直接销售外,还可加工成拼版材、压缩木、重组木和单板层积材等。采伐剩余物可加工成木片,再根据不同的工艺加工成刨花板、纤维板、木丝板及纸张等用途。中小径木和采伐剩余物的综合利用可有效利用林区资源,提高林区经济效益。     

The realisable potential supply of woody biomass from forests in the European Union

Forests are important for providing wood for products and energy and the demand for wood is expected to increase. Our aim was to estimate the potential supply of woody biomass for all uses from the forests in the European Union (EU), while considering multiple environmental, technical and social constraints.The potential woody biomass supply was estimated for the period 2010-2030 for stemwood, residues (branches and harvest losses), stumps and other biomass (woody biomass from early thinnings in young forests). We estimated the theoretical biomass potential from recent, detailed forest inventory data using the EFISCEN model. Constraints reducing the availability of woody biomass were defined and quantified for three mobilisation scenarios (high, medium, low). Finally, the theoretical potentials from EFISCEN were combined with the constraints to assess the realisable potential from EU forests.The realisable potential from stemwood, residues, stumps and other biomass was estimated at 744 million m³ yr⁻¹ overbark in 2010 and could range from 623 to 895 million m³ yr⁻¹ overbark in 2030, depending on the mobilisation scenario. These potentials represented 50-71% of the theoretical potential. Constraints thus significantly reduced the biomass potentials that could be mobilised. Soil productivity appeared to be an important environmental factor when considering the increased use of biomass from forests. Also the attitude of private forest owners towards increased use of forest biomass can have an important effect, although quantifying this is still rather difficult.The analysis showed that it is possible to increase the availability of forest biomass significantly beyond the current level of resource utilisation. Implementing these ambitious scenarios would imply quite drastic changes in forest resource management across Europe.     

Thriving or Surviving? Forester Responses to Private Forestland Parcelization in New York State

Consulting forester business practices are challenged by significant decreases in the sizes of private forest properties and the changes in landowner values that accompany forestland parcelization. Though researchers have discussed the potential ways entrepreneurial foresters could adapt to these new ownership patterns and landscape dynamics, actual responses by foresters working in parcelizing landscapes are largely undocumented. We conducted twenty in-depth interviews with foresters working in New York State to determine (1) how foresters have experienced parcelization of properties they work with, (2) what challenges are associated with forestry projects on decreasing property sizes, and (3) what kinds of changes foresters are making to adapt to decreasing property sizes. We found that foresters across the state observe decreasing sizes of forest properties and see values of forest owners shifting beyond timber production, although most do not consider these changes to be the most urgent challenges to sustainable forestry and profitable forest consulting. Professional foresters are reacting to parcelization in diverse ways; while some are trying entrepreneurial approaches to reach new clients or offer different services, others are primarily interested in maintaining their traditional practices and roles. These findings indicate that strictly relying on independent entrepreneurial responses by private foresters may not be sufficient to close the gap between the historical role of consulting foresters and the trajectory of modern forest parcels. Additional measures like specialized training and policy changes may also be required to address the management challenges associated with forestland parcelization.     

Non-industrial Private Forest Owners' Risk Preferences

A set of hypotheses was formulated on the basis of available knowledge about non-industrial private forest (NIPF) owners' risk preferences. The empirical material used for testing the hypotheses was gathered in telephone interviews with 130 randomly selected NIPF owners. The results confirm that direct economic risks such as price and cost changes are seen by this group as much more important than indirect economic risks such as biological damage. The forest owners regarded forest holdings as a safer investment than stocks or bank savings. The results on risk attitudes were ambiguous. However, when larger amounts of money were at stake, the forest owners could be considered risk averters and a decrease in absolute and relative risk aversion could be confirmed.     

Timber harvesting as ongoing disturbance in a landscape of diverse ownership

Although the northeastern US includes extensive areas of aggrading forest, uncertainty regarding the intensity and pattern of forest harvesting hampers an understanding of important ecological processes and characteristics such as carbon and nitrogen storage, habitat quality, and forest dynamics, and impedes regional conservation and management planning. Due to the complex ownership pattern dominated by thousands of non-industrial private forest (NIPF) owners and the difficulty of detecting selective logging using remote sensing, details of the harvesting regime remain largely unknown to the scientific and policy communities. To examine the value of statewide regulatory data for Massachusetts as a unique source of this critical information, we analyzed 17 years of timber harvest data gathered for regulatory purposes for a 168,000 ha forested landscape in Massachusetts that is the focus of concerted conservation planning and intensive study of landscape and ecosystem pattern and process. The North Quabbin Region is heavily wooded with a complicated ownership pattern dominated by over 2500 NIPF owners, three state agencies, and diverse conservation and municipal holdings.

The extent and intensity of harvesting were surprising, with an annual disturbance rate of 1.5% and a mean intensity of 44.7 m³ ha⁻¹ (approximately one-fourth of average stand volume). The predominant form of harvesting was selective removal of commercially valuable tree sizes, grades and species (e.g., Quercus rubra and Pinus strobus). The spatial pattern of logging was random with regards to major physical, biological, or cultural factors. However, logging was strongly related to landowner class. NIPF owners control 60% of the forest area and were responsible for 64.1% of harvest area, but the highest logging intensity (volume per area harvested; 69.3 m³ ha⁻¹) among major landowners was conducted by the state agency responsible for managing southern New England’s largest conservation property, the watershed of Boston’s drinking reservoir.

This regime of chronic disturbance is occurring over the entire landscape and exerting a major influence on forest composition, dynamics, and habitat quality. However, dispersed selective harvesting is largely unnoticed by residents, is routinely overlooked by ecologists and conservationists, and would remain unrecognized in the absence of this previously unused regulatory data. These results identify the value of regional regulatory spatial information to estimate ecological trends and to assist in conservation planning. Given similarities among ownership and forest patterns for much of the northeastern US, we expect that the broad findings of this study to have regional application.     

Cost structure of and competition for forest-based biomass

Abstract

Biomass has become a popular alternative to satisfy expanding energy demand and as a substitute for fossil fuels and phased-out nuclear energy in Europe. The European Union White Paper stipulates that the utilization of biomass shall increase to 1566 TWh by 2010. However it is often overlooked that the forest resources are already, to a large extent, used by the forest industries. When promoting biomass for energy generation the consequences for the forest industries also need to be considered. Sweden is an excellent case study, as there are vast quantities of forest resources, nuclear power is starting to be phased out, there are restrictions on expanding hydropower and the political desire exists to “set an example” with respect to carbon dioxide emissions. This paper attempts to estimate and analyse the supply of two types of forest resource, namely, roundwood and harvesting residues derived from final harvesting and commercial thinnings. Two separate supply curves are estimated: one for roundwood and one for harvesting residues. The cost structure is based on an economic-engineering approach where the separate cost components are constructed from the lowest cost element into aggregates for labour, capital, materials and overhead costs for each forest resource. The results indicate an unutilized economic supply of 12 TWh of harvesting residues in Sweden. However, after these 12 TWh have been recovered it becomes more profitable to use roundwood for energy purposes than to continue extracting further amounts of harvesting residues.     

Analyzing time and fuel consumption in road transport of round wood with an onboard fleet manager

Round wood supply in Austria is often affected by different factors such as bottlenecks or oversupply due to changing market, weather and road conditions. An additional factor impacting the complex wood supply chain is the rising transport costs from the landing to the sawmill. Logging trucks are the primary transportation technology used from the forest to the customer??s site. The objectives of this study were to analyze the actual situation and characteristics of typical trucking activities for round wood supply from the region to an Austrian sawmill. The study used time and fuel consumption, proportion of travel on forest roads and average speed on different functional road classes to estimate productivity and costs. Data collection including GPS-tracking was done using fleet management equipment built into the driver??s cabin. The GPS-routes were analyzed in ArcGIS 9.3 based on the national road network and its attributes. The sawmill studied with a yearly demand of 600,000 m³ round wood was located in southern Austria. In total, more than 2,000 round trips operated by seven logging trucks recorded close to 100,000 km. The transport distance from the forest to the sawmill averaged 51 km. The average share on forest roads within a route to the sawmill was 14.2% with an average speed of 13.5 km/h, whereby the forest road is defined as road with minor importance. Transport costs from the forest site to the sawmill with a truck and trailer were ? 11/m³ solid timber based on an average load size of 25 m³. An average 0.77 l of diesel fuel per kilometer was consumed during a round trip including all work phases. A trip to an interim storage location consumed 2.05 l/km due to the number of work phases without driving distance.     

Planning timber harvest of residual forest stands without compromising bird and small mammal communities in boreal landscapes

Numerous efforts have been invested in designing and configuring residual forest stands in Canadian boreal forest to preserve their overall biodiversity. Now that several landscapes have been partially logged, the next issue in forest management involves the planning of residual forest stand harvesting without compromising wildlife populations. Residual stands can be cut when adjacent regeneration reaches 3 m in height according to current regulations in several Canadian provinces (e.g., Québec, Ontario, Alberta, and British-Columbia). However, little is known on whether such regenerating habitat (RE-3m) can maintain wildlife communities similar to those found in unharvested mature forest (CO). We estimated the relative abundance of small mammals and forest birds in RE-3m and CO habitats and characterized landscape and stand structures. These variables were then compared between the two contrasting successional stages and were used to build habitat use models (HUMs) for 21 species. CO and RE-3m differed with regard to several landscape characteristics and stand structure variables as a result of logging. Snowshoe Hare, Northern Flicker, Alder Flycatcher, Ruby-crowned Kinglet, White-throated Sparrow and Magnolia Warbler were more abundant in RE-3m than CO, while Red-backed Vole, Brown Creeper and Golden-crowned Kinglet exhibited lower abundances in RE-3m. No significant differences in abundance were observed for the 12 other species. Species HUMs were highly significant and explained between 64.3 and 99.1% of the total variability in abundance. Following variance partitioning, stand structure variables accounted for most of the explained variability (54.2%) while landscape characteristics accounted for only 28.7%. No difference in species richness was observed but community evenness was greater in CO than RE-3m. Our results suggest that current regulations may threaten the maintenance of 3 out of 21 censused species for which abundances were significantly lower in regenerating 3 m tall stands. As stand structure explained a large amount of variability in abundance, it should be considered during timber harvest planning in both mature and regenerating stands. Until we know more on whether the current regulations are suitable for maintaining overall biodiversity, our results suggest that some mature forest stands should be maintained within managed landscapes for a complete logging rotation period.     

Forestry operations in the European mountains: a study of current practices and efficiency gaps

Timber production is an important ecosystem service of European mountain forests. This paper aimed to assess the current practices in logging operations and to identify the efficiency gaps in timber production. The study was located in 7 case study areas from representative European mountain ranges, where 632 logging operations were analysed. The focus was on road infrastructure, transport systems, harvesting methods and extraction technologies. Often inappropriate technology was used in steep terrain; there was no correlation between the average slope and the selection of harvesting systems (HS). Skidding was the most common extraction method (75%), while cable yarding and forwarding had shares of 15% and 8%. The mean road density was 18.5?m?ha^?1. The mean extraction distance was 501?m. The mean harvesting and extraction productivity were 9.0 and 10.2?m³?h^?1; the mean costs were 11.1 and 11.7?€?m^?³, respectively. Non-mechanized and obsolete HS reported the lowest efficiency and the highest environmental footprint, while fully mechanized systems reported the highest efficiency, the lowest number of accidents and the lowest stand damage. Cable yarders are the appropriate extraction technology in steep terrain, but they require a well-developed road network. Higher mechanization degree, improved quality of the road networks, knowledge transfer to practice and training of forest workers are some of the necessary measures to overcome the efficiency gaps in timber production in European mountain forests.     

Admixing broadleaved to coniferous tree species: a review on yield, ecological stability and economics

For several reasons the conversion of mono-species into mixed-species forests is presently a major concern of forest management and policy in Central Europe. Although it is possible to show a clear trend in favour of mixed-species forests, private forest owners and some forest economists have often not favoured mixed forests, assuming that they are less profitable. The trend towards mixed forests seems mainly for ecological reasons, while sound economic analysis of mixed forests is still rare. Based on this background the objective of the study is to answer the following four questions: (1) Does the yield of mixed-species forests differ from that of pure forests? (2) Does the mixing of tree species influence the ecological stability of forests? (3) Is the economic value of a mixed forest less than that of a monoculture? (4) How do forest economic models integrate the findings on yield and ecological stability of mixed forests? To answer these questions a literature review was conducted on the possible impacts of mixed-species forests. In comparison to pure stands a greater yield is not necessarily given in mixed stands. Yet, mixed-species stands are better able to compensate disturbances than monocultures. Moreover, there is substantial evidence that mixed-species stands are more resistant against biotic and abiotic disturbances. Applying an extended forest economic model, it was possible to demonstrate that mixing large blocks of native broadleaf species into pure conifer forests may lead to a significant reduction of financial risk. From a risk-averse perspective the economic value of a mixed-species forest may thus be greater than that of a mono-species forest. Yet, it became clear that forest economists do not often integrate the research findings on yield and ecological stability of mixed stands in modelling, but rather apply simple bioeconomic modelling. Moreover, in the context of mixed forests economists also largely ignore even classical financial approaches, which consider risk and risk preferences. We concluded that forest economics has to close substantial research gaps. Firstly, the knowledge of how to integrate biophysical properties of mixed forests in bioeconomic modelling is still an open question. Secondly, forest economists have to adopt the modern approaches of financial theory and management science to value mixed forests.