Does risk aversion accelerate optimal forest rotation under uncertainty?
نویسندگان
چکیده
منابع مشابه
Does risk aversion accelerate optimal forest rotation under uncertainty ?
We use a Wicksellian single rotation framework to analyze the impact of the intertemporally fluctuating and stochastic mean-reverting interest rate process on the optimal harvesting threshold and thereby the expected length of the rotation period, when forest value is also stochastic following geometric Brownian motion and landowners are risk-averse. We provide an explicit solution for the two-...
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ژورنال
عنوان ژورنال: Journal of Forest Economics
سال: 2006
ISSN: 1104-6899
DOI: 10.1016/j.jfe.2006.06.001