Arbeitspapier
Optimal harvesting under resource stock and price uncertainty
We analyze optimal harvesting policy under stochastic price and stock dynamics. We state a set of weak conditions under which the optimal policy can be characterized by a single exercise threshold and show that the value of optimal harvesting and depletion policies can be expressed as the separable form according to which only the current price and the expected per capita growth rate affect the threshold, while under risk neutrality volatility of price dynamics will have no effect. Uncertainty makes waiting valuable and the optimal threshold is higher when harvesting can be exercised only once than in the sequential case.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 1384
- Klassifikation
-
Wirtschaft
Business Taxes and Subsidies including sales and value-added (VAT)
Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
Information, Knowledge, and Uncertainty: General
- Thema
-
optimal harvesting
stochastic price and stock dynamics
single and sequential
Ernte
Erneuerbare Ressourcen
Kontrolltheorie
Ressourcenökonomik
Stochastischer Prozess
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Alvarez, Luis H. R.
Koskela, Erkki
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Alvarez, Luis H. R.
- Koskela, Erkki
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2005
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