Clarke, Harry R.Reed, William J.2009-08-142009-08-1419872009-08-14http://hdl.handle.net/1828/1524Economically 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.entechnical reports (mathematics and statistics)The tree-cutting problem in a stochastic environment : the case of age-dependent growthTechnical ReportDepartment of MathematicsDepartment of Mathematics and Statistics