Price Modeling of Eucalyptus Wood under Different Silvicultural Management for Real Options Approach

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Autor(es): dc.contributorUniversidade Estadual Paulista (UNESP)-
Autor(es): dc.contributorUniversiti Putra Malaysia-
Autor(es): dc.creatorMunis, Rafaele Almeida-
Autor(es): dc.creatorCamargo, Diego Aparecido-
Autor(es): dc.creatorda Silva, Richardson Barbosa Gomes-
Autor(es): dc.creatorTsunemi, Miriam Harumi-
Autor(es): dc.creatorIbrahim, Siti Nur Iqmal-
Autor(es): dc.creatorSimões, Danilo-
Data de aceite: dc.date.accessioned2025-08-21T16:14:38Z-
Data de disponibilização: dc.date.available2025-08-21T16:14:38Z-
Data de envio: dc.date.issued2022-05-01-
Data de envio: dc.date.issued2022-05-01-
Data de envio: dc.date.issued2022-03-01-
Fonte completa do material: dc.identifierhttp://dx.doi.org/10.3390/f13030478-
Fonte completa do material: dc.identifierhttp://hdl.handle.net/11449/234353-
Fonte: dc.identifier.urihttp://educapes.capes.gov.br/handle/11449/234353-
Descrição: dc.descriptionChoosing the ideal number of rotations of planted forests under a silvicultural management regime results in uncertainties in the cash flows of forest investment projects. We verified if there is parity in the Eucalyptus wood price modeling through fractional Brownian motion and geometric Brownian motion to incorporate managerial flexibilities into investment projects in planted forests. We use empirical data from three production cycles of forests planted with Eucalyptus grandis × E. urophylla in the projection of discounted cash flows. The Eucalyptus wood price, assumed as uncertainty, was modeled using fractional and geometric Brownian motion. The discrete-time pricing of European options was obtained using the Monte Carlo method. The root mean square error of fractional and geometric Brownian motions was USD 1.4 and USD 2.2, respectively. The real options approach gave the investment projects, with fractional and geometric Brownian motion, an expanded present value of USD 8,157,706 and USD 9,162,202, respectively. Furthermore, in both models, the optimal harvest ages execution was three rotations. Thus, with an indication of overvaluation of 4.9% when assimilating the geometric Brownian motion, there is no parity between stochastic processes, and three production cycles of Eucalyptus planted forests are economically viable.-
Descrição: dc.descriptionCoordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)-
Descrição: dc.descriptionSchool of Agriculture São Paulo State University (UNESP)-
Descrição: dc.descriptionInstitute of Biosciences São Paulo State University (UNESP)-
Descrição: dc.descriptionDepartment of Mathematics and Statistics Faculty of Science Universiti Putra Malaysia, Selangor-
Descrição: dc.descriptionSchool of Agriculture São Paulo State University (UNESP)-
Descrição: dc.descriptionInstitute of Biosciences São Paulo State University (UNESP)-
Descrição: dc.descriptionCAPES: 001-
Idioma: dc.languageen-
Relação: dc.relationForests-
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Palavras-chave: dc.subjectbiological assets-
Palavras-chave: dc.subjectdiscrete-time-
Palavras-chave: dc.subjectinvestment decision-
Palavras-chave: dc.subjectmanagerial flexibility-
Palavras-chave: dc.subjectplanted forests-
Título: dc.titlePrice Modeling of Eucalyptus Wood under Different Silvicultural Management for Real Options Approach-
Tipo de arquivo: dc.typelivro digital-
Aparece nas coleções:Repositório Institucional - Unesp

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