Table 1. Descriptions and values of parameters for the real options model. Parameter description Value Lognormal value Amount of habitat at time 0 H0 = 467,185 ha h0 = 13.0545 Critical minimum habitat threshold He = 210,240 ha he = 12.2560 Speed of reversion of the mean-reverting function α = 0.05 ... Volatility of the mean-reverting function σ = 0.05 ... Interest rate r = 5% ... Instantaneous utility from timber or the flow per unit of time of revenue from selling timber ρ = 1 ... Instantaneous utility from caribou or the flow per unit time of (equivalent) revenue from the caribou’s existence s = 2 ...