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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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Organisation and examination :
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| Teaching in the second semester |
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Course contents :
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| Principles of forest valuation. Concepts of various values. Discounting and compounding. Appraisal from investment or future income.
Land and timber stocking.
Implementation of the principles of valuation of forests using a spreadsheet.
Property valuation. Land expectation value. Mistakes to avoid.
Case of even-aged forests regenerated by planting and natural regeneration.
Value of a tree in the forest.
Criteria for forest management. Faustmann criterion. Net present value. Internal rate of return. Inflation. Other criteria. Comparison of projects.
Data sources. Expertise.
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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Planned learning activities and teaching methods :
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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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Work placement(s) :
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Organizational remarks :
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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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