The papers in this book were in a preliminary version presented at an international con­ ference May 21-25, 2002 in Gilleleje, Denmark. It was a joint event, namely the biennial meeting of the Scandinavian Society of Forest Economics and the 3rd Berkeley-KVL Con­ ference. The Scandinavian Society of Forest Economics (SSFE) was established in 1958 as a forum for forest economists in the Nordic countries to meet and exchange ideas on research and education. Alternating between Denmark, Finland, Norway and Sweden, biennial ordinary meetings have taken place ever since. The number of participants has increased from 10-15 in the first decade to more than 80 in 2002. In the last two decades prominent researchers from outside Scandinavia have been invited to present papers at the biennial meetings and also to participate in ad hoc working groups. The Berkeley-KVL part of the conference is based on a research collaboration between The Royal Veterinary and Agricultural University (KVL), Copenhagen, University of Cali­ fornia at Berkeley, and Oregon State University. It was initiated in 1993 within the frame­ work of a research programme at KVL: Stochastic Decision Analysis in Forest Manage­ ment and since 1996 extended to the programme Economic Optimisation of Multiple-Use Forestry and Other Natural Resources.