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Abstract
In deciding to keep or fell a forest stand given its age, the risk of loss of timber through
wildfire is an important consideration. If trees also have value from sequestration of
carbon, another effect of fire is the unplanned loss of stored carbon. Factors affecting
the decision to keep or fell trees, and how much to spend on fire protection, are investigated
using stochastic dynamic programming, using carbon sequestration in stands of
mountain ash in Victoria as a case study. The effect of treating sawlogs as a permanent
carbon sink after harvesting is explored.