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The economic benefits and optimal rotation age of Larix kaempferi pulpwood plantation were analyzed under stochastic pulpwood price using real options approach in order to more effectively management to L.kaempferi pulpwood plantation in northern sub-tropical alpine area.Flexible rotation age and threshold price to different stand age of different site index plantation were developed.The result indicated that:1) the optimal rotation age of L.kaempferi plantation in site index 15,17,19,21 was 25,23,21 and 19 a,respectively,as the current pulpwood price equals 500 yuan·m~(-3),and the shortest rotation age was 23,20,17 and 15 a when facing to better price;and 2) Wait option should be the optimum strategy in any pulpwood price level when the stand age is lower than the shortest rotation age.
The economic benefits and optimal rotation age of Larix kaempferi pulpwood plantation were analyzed under stochastic pulpwood price using real options approach in order to more effectively management to L.kaempferi pulpwood plantation in northern sub-tropical alpine area. Flexible rotation age and threshold price to different stand age of different site index plantation were developed. The result indicates that: 1) the optimal rotation age of L. kaempferi plantation in site index 15, 17, 19, 21 was 25, 23, 21 and 19 a, respectively, as the current pulpwood price equals 500 yuan · m ~ (-3), and the shortest rotation age was 23,20,17 and 15 a when facing to better price; and 2) Wait option should be the optimum strategy in any pulpwood price level when the stand age is lower than the shortest rotation age.