Study Programmes 2015-2016
ECON2255-4  
Forest and natural resources economics
Duration :
12h Th, 12h Pr
Number of credits :
Master in forests and natural areas engineering (120 ECTS)2
Lecturer :
Jacques Hebert
Language(s) of instruction :
French language
Organisation and examination :
Teaching in the second semester
Units courses prerequisite and corequisite :
Prerequisite or corequisite units are presented within each program
Course contents :
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. Some new approaches on discounting.
Learning outcomes of the course :
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.
Prerequisite knowledge and skills :
Multifunctional management of forests Forest products supply chain Forest mensuration and forest inventory
Planned learning activities and teaching methods :
Mode of delivery (face-to-face ; distance-learning) :
Lectures : 12h Practical Works : 12h
Recommended or required readings :
Lecture notes + exercises AMACHER G.S., OLLIKAINEN M., KOSKELA E. [2009] - Economics of forest resourcesPRICE C. [1993] - Time, Discounting and Value. PRICE C. [1989] - The Theory and Application of Forest Economics BARY-LANGER A., EVRARD R., GATHY P., KIMUS J. [1983] - L'expertise et la gestion financière des propriétés forestières
Assessment methods and criteria :
Written theorical examination (50%) Practical examination with PC (50%)
Work placement(s) :
Organizational remarks :
Contacts :
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)