The tree-cutting problem in a stochastic environment: The case of age- dependent growth (Q1119155)
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| Language | Label | Description | Also known as |
|---|---|---|---|
| English | The tree-cutting problem in a stochastic environment: The case of age- dependent growth |
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The tree-cutting problem in a stochastic environment: The case of age- dependent growth (English)
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1989
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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 considered. Qualitative comparative static and numerical results are provided.
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Harvest policies
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growing biological assets
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stochastic age-dependent growth
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price uncertainty
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continuous-time optimal stopping
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diffusion processes
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continuous-time
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