The tree-cutting problem in a stochastic environment: The case of age- dependent growth
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.
scientific article; zbMATH DE number 4097091
scientific article