The tree-cutting problem in a stochastic environment: The case of age- dependent growth
type: Item
instance of: scholarly article
title: The tree-cutting problem in a stochastic environment: The case of age- dependent growth
zbMATH Open document ID: 0669.90030
DOI: 10.1016/0165-1889(89)90004-3
author: Harry R. Clarke
author: William J. Reed
publication date: 1989-01-01T00:00:00Z
review text: 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.
Mathematics Subject Classification ID: 91B76
Mathematics Subject Classification ID: 91B62
Mathematics Subject Classification ID: 60J60
Mathematics Subject Classification ID: 91B24
Mathematics Subject Classification ID: 60G40
Mathematics Subject Classification ID: 93C15
Mathematics Subject Classification ID: 93E20
zbMATH DE Number: 4097091
zbMATH Keywords: Harvest policies
zbMATH Keywords: growing biological assets
zbMATH Keywords: stochastic age-dependent growth
zbMATH Keywords: price uncertainty
zbMATH Keywords: continuous-time optimal stopping
zbMATH Keywords: diffusion processes
zbMATH Keywords: continuous-time
MaRDI profile type: Publication
full work available at URL: 0165-1889(89)90004-3
OpenAlex ID: W1519256978
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published in: Journal of Economic Dynamics and Control
description: scientific article; zbMATH DE number 4097091