A Real Options Approach to Forest-Management Decision Making to Protect Caribou under the Threat of Extinction

摘要: Uncertainty is a dominant feature of decision making in forestry and wildlife management. Aggravating this challenge the irreversibility some decisions, resulting loss economic opportunities or extirpation populations. We adapted real options approach from theory to develop methodology evaluate resource management stop timber harvesting when woodland caribou (Rangifer tarandus caribou) population becomes threatened with extinction. In our study area central Labrador, Canada, both are valued ecosystem services. By using rule, which incorporates future developments, provides technique incorporate ecological social uncertainty into forest-management making. As result, it reduces risk forest manager unwanted irreversible consequences failing make that could avoid such consequences.