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| ECON2255-4 | Forest and natural resources economics
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| Duration : | 12h Th, 12h Pr |
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| Number of credits : |
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| Lecturer : | Jacques Hebert |
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Language(s) of instruction :
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| French language |
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Course contents :
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| Forest valuation and appraisal (value, capital, investment and interest). Valuation principles : purposes of valuation, cost, revenues, income. The arithmetic of interest. Interest and investment : factors concerned. Direct and indirect methods of stumpage, land and timberland values. Decision making and values - decision criteria for financial investments (net present value, internal rate of return, benefit-cost ratio, payback period and other parameters).Methods of economic planning - nature and objectives of forestry projects, financial and economic analysis, input and output identifications, market and reference prices, forestry projects uncertainty. Appraisal of forest damages and losses of revenues (nature, kinds and purposes of damage appraisal, legal aspects, methods used and study cases). Conducting expertises in case of death duties, compulsory purchase, etc. Examples of appraisal problems.Valuation of nontimber forest outputs: special economic feature of different forest uses, monetary valuation of the multiple use forestry - willingness to pay, consumer surplus and value, travel cost method, contingent value method. |
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Learning outcomes of the course :
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| Provides understanding and familiarity with economic tools contributing to making competent decisions in resource economics, management and policy.
After completing the course the student is expected to
- be deeply involved in financial analysis and its language;
- analyse tree and stands decisions under financial objectives;
- understand the concepts and methods of economics used to assess values and for analysing the trade off in multiple use forestry;
- be aware how to apply the practical application of economy in the management of forests and forest policy analysis;
- recognize and be aware how to evaluate project and planning alternatives. |
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Prerequisites and co-requisites/ Recommended optional programme components :
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| Multifunctional management of forests
Forest products supply chain
Forest mensuration and forest inventory |
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Mode of delivery (face-to-face ; distance-learning) :
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| Lectures : 12h
Practical Works : 12h |
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Recommended or required readings :
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| Lecture notes + exercises
AMACHER G.S., OLLIKAINEN M., KOSKELA E. [2009] - Economics of forest resourcesNAUTIYAL J.C. (1988) - Forest Economics (Principles and applications)
BARY-LANGER A., EVRARD R., GATHY P., KIMUS J. [1983] - L'expertise et la gestion financière des propriétés forestières |
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Assessment methods and criteria :
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| Written theorical examination (50%)
Practical examination with PC (50%) |
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Contacts :
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| HEBERT Jacques
Bât. GE Gembloux Agro-Bio Tech
Passage des Déportés 2
5030 Gembloux
Belgique
+32 81 622295
jhebert@ulg.ac.be(jrondeux@ulg.ac.be) |
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