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

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dc.contributor.authorClarke, Harry R.
dc.contributor.authorReed, William J.
dc.date.accessioned2009-08-14T23:56:13Z
dc.date.available2009-08-14T23:56:13Z
dc.date.copyright1987en
dc.date.issued2009-08-14T23:56:13Z
dc.description.abstractEconomically optimal 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.en
dc.identifier.urihttp://hdl.handle.net/1828/1524
dc.language.isoenen
dc.relation.ispartofseriesDM-438-IRen
dc.subjecttechnical reports (mathematics and statistics)
dc.subject.departmentDepartment of Mathematics
dc.subject.departmentDepartment of Mathematics and Statistics
dc.titleThe tree-cutting problem in a stochastic environment : the case of age-dependent growthen
dc.typeTechnical Reporten

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