Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deployment

Conditional Value at Risk (CVaR) was used to account for risk when building a portfolio of Pinus radiata trees for operational plantation deployment, under hypothetical changes on volume, modulus of elasticity, resin defects and lumber prices. The study considers three groups of trees grown to produ...

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Autores principales:	Pinto,Antonio A, Alzamora,Rosa M, Apiolaza,Luis A
Lenguaje:	English
Publicado:	Universidad Austral de Chile, Facultad de Ciencias Forestales 2015
Materias:	radiata pine wood traits portfolio selection CVaR
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-92002015000100015
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spelling	oai:scielo:S0717-920020150001000152015-05-12Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deploymentPinto,Antonio AAlzamora,Rosa MApiolaza,Luis A radiata pine wood traits portfolio selection CVaR Conditional Value at Risk (CVaR) was used to account for risk when building a portfolio of Pinus radiata trees for operational plantation deployment, under hypothetical changes on volume, modulus of elasticity, resin defects and lumber prices. The study considers three groups of trees grown to produce appearance lumber, structural lumber, or both. The CVaR model selected structural trees, which had high and variable returns across a wide range of risks, especially under low aversion scenarios; however, as risk-aversion increased, the model diversified incorporating trees producing both structural and appearance grades. Similarly, trees producing solely appearance grades, characterized by having the lowest returns variability, were only incorporated in scenarios of high risk-aversion.info:eu-repo/semantics/openAccessUniversidad Austral de Chile, Facultad de Ciencias ForestalesBosque (Valdivia) v.36 n.1 20152015-01-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-92002015000100015en10.4067/S0717-92002015000100015
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	radiata pine wood traits portfolio selection CVaR
spellingShingle	radiata pine wood traits portfolio selection CVaR Pinto,Antonio A Alzamora,Rosa M Apiolaza,Luis A Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deployment
description	Conditional Value at Risk (CVaR) was used to account for risk when building a portfolio of Pinus radiata trees for operational plantation deployment, under hypothetical changes on volume, modulus of elasticity, resin defects and lumber prices. The study considers three groups of trees grown to produce appearance lumber, structural lumber, or both. The CVaR model selected structural trees, which had high and variable returns across a wide range of risks, especially under low aversion scenarios; however, as risk-aversion increased, the model diversified incorporating trees producing both structural and appearance grades. Similarly, trees producing solely appearance grades, characterized by having the lowest returns variability, were only incorporated in scenarios of high risk-aversion.
author	Pinto,Antonio A Alzamora,Rosa M Apiolaza,Luis A
author_facet	Pinto,Antonio A Alzamora,Rosa M Apiolaza,Luis A
author_sort	Pinto,Antonio A
title	Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deployment
title_short	Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deployment
title_full	Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deployment
title_fullStr	Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deployment
title_full_unstemmed	Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deployment
title_sort	using conditional value at risk (cvar) to select radiata pine trees for operational deployment
publisher	Universidad Austral de Chile, Facultad de Ciencias Forestales
publishDate	2015
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-92002015000100015
work_keys_str_mv	AT pintoantonioa usingconditionalvalueatriskcvartoselectradiatapinetreesforoperationaldeployment AT alzamorarosam usingconditionalvalueatriskcvartoselectradiatapinetreesforoperationaldeployment AT apiolazaluisa usingconditionalvalueatriskcvartoselectradiatapinetreesforoperationaldeployment
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Using Conditional Value at Risk (CVaR) to select radiata pine trees for operational deployment

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