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

DOI10.2307/2526634zbMATH Open0695.90026OpenAlexW2007825055MaRDI QIDQ3471806FDOQ3471806

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

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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)

Cited In (20)

• Optimal exploitation of a resource with stochastic population dynamics and delayed renewal
• Good timing: the economics of optimal stopping
• Regime switching in stochastic models of commodity prices: an application to an optimal tree harvesting problem
• The tree-cutting problem in a stochastic environment: The case of age- dependent growth
• Wicksellian theory of forest rotation under interest rate variability
• Optimal harvesting under resource stock and price uncertainty
• Optimal harvesting time of farmed aquatic populations with nonlinear size-heterogeneous growth
• Optimal timing of salvage harvest in response to a stochastic infestation
• Properties of average time profit in stochastic models of harvesting a renewable resource
• OPTIMAL HARVESTING OF FOREST AGE CLASSES UNDER PRICE UNCERTAINTY AND RISK AVERSION
• Harvesting a renewable resource under uncertainty
• Asset retirement with infinitely repeated alternative replacements: harvest age and species choice in forestry
• Oscillations in a fully connected network of leaky integrate-and-fire neurons with a Poisson spiking mechanism
• On the elasticities of harvesting rules
• Stochastic models for capital growth
• Optimization of average time profit for a probability model of the population subject to a craft
• 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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