背景介绍：森林的价值.pdf

1、Setting the scene:the value of forestsProfessor Rod Keenan,Honorary Professorial Fellow,University of MelbourneBoard member of Forestry AustraliaNon-Executive Director,Sustainable Timber TasmaniaChair,Research Advisory Committee,AFWIDisclaimer:Im not providing financial advice!Outline Values What is

2、 value?What do we value about forests?Valuation methods Discount rate,uncertainty and risk,other forest values The value of investing in researchValue versus values?Personal values what matters to you individually(e.g.,creativity,success)Cultural values shared beliefs within a group or societyMoral

3、values ideas about right and wrong behaviorSocial values what helps communities function well(e.g.,cooperation)Corporate heads asking:we can do this,but should we do it?What do we value about forests?Environmental Benefits Biodiversity Water and soil Carbon Resources and Economy Human Health and Wel

4、l-being Cultural and Spiritual Value Natural Hazard ProtectionWhy value forests?Approaches to valuation Indigenous perspectives:care,stewardship and reciprocity Total Economic Value Frameworks Market-Based Methods Revealed Preference Methods Stated Preference Methods Carbon&Ecosystem Service Valuati

5、on Natural Capital AccountingTrees and agricultural land valuePolyakov et al 2014.Amer.J.Agr.Econ.97(1):299314Tree cover increases land value on all properties10 ha about 40%1000 ha about 20%Agricultural land valuesWhat is the highest and best use of land?The rise of timberland investment Timberland

6、 investment has a long history Institutional investment grew in the US due to tax and accounting treatment of forest assets,risk of hostile takeovers In integrated companies,forest assets were undervalued on balance sheets.When sold they realized value growth for alternative owners(TIMOs,REITs)Insti