Reed, William J.Clarke, Harry R.2009-08-152009-08-1519872009-08-15http://hdl.handle.net/1828/1526Optimal harvest rules and pre-harvest valuation procedures for biological assets with stochastic size-dependent growth in a stochastic price environment. These issues are analyzed as continuous-time optimal stopping problems. Both the "single-rotation" and "ongoing rotations" problem are addressed. The sensitivity of harvest and valuation rules is assessed. The results are compared with those derived from a "myopic look-ahead" procedure and with the corresponding findings for age-dependent growth.entree problemWicksell ruleFaustmann ruleoptimal stoppingdiffusionsmyopic-look-ahead ruletechnical reports (mathematics and statistics)Technical ReportDepartment of MathematicsDepartment of Mathematics and Statistics