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

forestrystopping rulebiological resourcesBrownian processesHarvest rulessize dependent growthstochastic densitystochastic price framework

Mathematics Subject Classification ID

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

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• OPTIMAL HARVESTING OF FOREST AGE CLASSES UNDER PRICE UNCERTAINTY AND RISK AVERSION
• Asset retirement with infinitely repeated alternative replacements: harvest age and species choice in forestry
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• Oscillations in a fully connected network of leaky integrate-and-fire neurons with a Poisson spiking mechanism
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• The stochastic rotation problem: A generalization of Faustmann's formula to stochastic forest growth
• Stochastic modeling of the growth process
• A highly accurate algorithm for retrieving the predicted behavior of problems with piecewise-smooth initial data
• Optimizing high-dimensional stochastic forestry \textit{via} reinforcement learning

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