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

DOI10.1016/0165-1889(89)90004-3zbMath0669.90030OpenAlexW1519256978MaRDI QIDQ1119155

Harry R. Clarke, William J. Reed

Publication date: 1989

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0165-1889(89)90004-3

zbMATH Keywords

diffusion processesprice uncertaintycontinuous-timecontinuous-time optimal stoppinggrowing biological assetsHarvest policiesstochastic age-dependent growth

Mathematics Subject Classification ID

Microeconomic theory (price theory and economic markets) (91B24) Economic growth models (91B62) Optimal stochastic control (93E20) Stopping times; optimal stopping problems; gambling theory (60G40) Diffusion processes (60J60) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Control/observation systems governed by ordinary differential equations (93C15)

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• The Distribution of Welfare Gains from Price Stabilization: The Case of Multiplicative Disturbances

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