Adapting the optimal management of size-distributed forests to climate change 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Francesc Córdoba 1 , Renan-Ulrich Goetz 2 , Carles Gracia 3 , Ruben Javier Mur 2 , Angels Xabadia 2 1 Department of Environmental Science, University of Girona 2 Department of Economics, University of Girona. 3 Center for Ecological Research and Forestry Applications (CREAF) and Autonomous University of Barcelona. Corresponding author: 16 17 Renan-Ulrich Goetz, Department of Economics, University of Girona, 17071 Spain, email: renan.goetz@udg.edu Tel.: +34 972 418719, Fax: +34 972 418032 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Preliminary version. Please do not cite Abstract Future climate changes will affect among other aspects forest ecosystems, through its impact on tree growth and productivity. The management of fast-growing species can be adapted more easily to climate change, since rotation periods are short. However, the adaption of the management of slow-growing species to climate changes is more challenging because trees need many years to grow before they reach their commercial size, and consequently any changes in temperature or precipitation may have clear implications on the profitability of forests. In comparison with the existing literature, different future climate change scenarios and the economic model are not considered separately but incorporated in an integrated forest management model. In particular, the paper determines the optimal selective logging regime of a size-distributed forest in the presence of climate change and analyzes the economic implications of the management changes in comparison with the business as usual strategy. Keywords: forest management, selective logging, climate change, adaptation.