In this note, we consider a case when a forestry property may lose its market value through “political risk”, illustrated here by it being classified as containing a key biotope. If a key biotope is found on a forest property in Sweden, the wood is almost impossible to sell. We show how the Faustmann formula is modified in this case and identify a “balance sheet” effect and a shortened rotation period. The theory seems to have some empirical support, given observed changes in bank lending contracts and alleged changes in forester’s behavior to reduce the “political risk”.

中文翻译：

---

福斯特曼模型中无限担心的森林所有者关键生物群落和森林认证

在本说明中，我们考虑了一个林业财产可能因“政治风险”而失去其市场价值的情况，这里通过它被归类为包含关键生物群落来说明。如果在瑞典的森林财产中发现了一个关键的生物群落，那么这种木材几乎是不可能出售的。我们展示了在这种情况下如何修改福斯特曼公式，并确定“资产负债表”效应和缩短的轮换周期。鉴于观察到银行贷款合同的变化以及据称林务员行为的变化以降低“政治风险”，该理论似乎有一些经验支持。