  Global warming may induce in Western Europe an increase in storms. Hence the
forest managers will have to take into account the risk increase. We study the
impact of storm risk at the stand level. From the analytical expressions of the
Faustmann criterion and the Expected Long-Run Average Yield, we deduce in
presence of storm risk the influence of criteria and of discount rate in terms
of optimal thinnings and cutting age. We discuss the validity of using a risk
adjusted discount rate (a rate of storm risk added to the discount rate)
without risk to mimic the storm risk case in terms of optimal thinnings.
