Harvest Decisions and Asset Valuation for Biological Resources Exhibiting Size-Dependent Stochastic Growth

DOI10.2307/2526634MaRDI QIDQ3471806zbMATH OpenOpenAlexFDO

Authors William J. Reed, Harry R. Clarke

Publication date 1990

Published in International Economic Review (Search for Journal in Brave)

Full work available at URL http://hdl.handle.net/1828/1526

zbMATH Keywords

biological resourcesBrownian processesforestryHarvest rulessize dependent growthstochastic densitystochastic price frameworkstopping rule

Mathematics Subject Classification ID

Stopping times; optimal stopping problems; gambling theory (60G40) Production models (90B30) Economic growth models (91B62) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) General biology and biomathematics (92B05) Population dynamics (general) (92D25)

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Cited in

(22)

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• The stochastic rotation problem: A generalization of Faustmann's formula to stochastic forest growth
• Stochastic models for capital growth
• Asset retirement with infinitely repeated alternative replacements: harvest age and species choice in forestry
• A highly accurate algorithm for retrieving the predicted behavior of problems with piecewise-smooth initial data
• Optimal exploitation of a resource with stochastic population dynamics and delayed renewal
• Optimal harvesting time of farmed aquatic populations with nonlinear size-heterogeneous growth
• Optimal timing of salvage harvest in response to a stochastic infestation
• OPTIMAL HARVESTING OF FOREST AGE CLASSES UNDER PRICE UNCERTAINTY AND RISK AVERSION
• Regime switching in stochastic models of commodity prices: an application to an optimal tree harvesting problem
• Good timing: the economics of optimal stopping
• Optimization of average time profit for a probability model of the population subject to a craft
• Properties of average time profit in stochastic models of harvesting a renewable resource
• Optimizing high-dimensional stochastic forestry \textit{via} reinforcement learning
• Oscillations in a fully connected network of leaky integrate-and-fire neurons with a Poisson spiking mechanism
• Optimal management and valuation of a natural resource: the case of optimal harvesting
• Harvest planning under uncertainty for ocean-based salmon aquaculture
• Harvesting a renewable resource under uncertainty
• On the elasticities of harvesting rules
• Wicksellian theory of forest rotation under interest rate variability

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