Abstract We consider the management of a mono-specific even-aged forest at the stand level. Optimal silviculture based on timber income and sequestered carbon income in an no risk case and a risky case are compared. In this study, using calculus of variations we discuss the validity of using a risk adjusted discount rate (a rate of natural risk added to the discount rate) or using a carbon adjusted discount rate (a rate of natural risk subtracted to the carbon discount rate) without risk to mimic the natural risk case in term of optimal thinnings. Except for very high risk rate values in the risky case, the optimal trajectory for carbon sequestration is very different from that obtained for the timber criterion. We show that without risk or with risk case but moderate risk rate, the optimal cutting age for sequestered carbon will be the senescence age. For higher risk rate the optimal cutting age for sequestered carbon may be more comparable to optimal timber cutting age.

中文翻译：

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在破坏性事件的风险下，基于木材收入的和基于碳封存的造林有区别吗？

摘要 我们在林分层面考虑单一特定偶龄林的管理。比较了在无风险情况和有风险情况下基于木材收入和固碳收入的最佳造林。在本研究中，我们使用变分法讨论了使用风险调整贴现率（添加到贴现率的自然风险率）或使用碳调整贴现率（自然风险率减去碳贴现率）的有效性) 没有风险来模拟最佳变薄方面的自然风险情况。除了在风险情况下非常高的风险率值，碳封存的最佳轨迹与木材标准获得的轨迹非常不同。我们表明，没有风险或有风险情况但中等风险率，封存碳的最佳切割年龄将是衰老年龄。对于更高的风险率，固碳的最佳切割年龄可能与最佳木材切割年龄更具可比性。