The tree-cutting problem in a stochastic environment: The case of age-dependent growth

Harvest policies are derived for growing biological assets (e.g., forests, livestock) subject to stochastic age-dependent growth and price uncertainty. The task posed is analyzed as a continuous-time optimal stopping problem for diffusion processes. Both ‘single’- and ‘ongoing’-rotation problems are...

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Veröffentlicht in:	Journal of economic dynamics & control 1989, Vol.13 (4), p.569-595
Hauptverfasser:	Clarke, Harry R., Reed, William J.
Format:	Artikel
Sprache:	eng
Schlagworte:	Discount rates Economic models Economic theory Factors Growth Market value Prices Random variables Statistical analysis Stochastic models Studies Timberlands Uncertainty
Online-Zugang:	Volltext
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