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Please use this identifier to cite or link to this item: http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18748
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dc.creatorAlvarez, Luis H. R.-
dc.creatorKoskela, Erkki-
dc.date2005-
dc.date.accessioned2013-10-16T07:01:06Z-
dc.date.available2013-10-16T07:01:06Z-
dc.date.issued2013-10-16-
dc.identifierhttp://hdl.handle.net/10419/18748-
dc.identifierppn:479267278-
dc.identifier.urihttp://koha.mediu.edu.my:8181/xmlui/handle/10419/18748-
dc.descriptionWe 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.-
dc.languageeng-
dc.publisher-
dc.relationCESifo working papers 1384-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.subjectH25-
dc.subjectG31-
dc.subjectD80-
dc.subjectddc:330-
dc.subjectoptimal harvesting-
dc.subjectstochastic price and stock dynamics-
dc.subjectsingle and sequential-
dc.subjectErnte-
dc.subjectErneuerbare Ressourcen-
dc.subjectKontrolltheorie-
dc.subjectRessourcenökonomik-
dc.subjectStochastischer Prozess-
dc.subjectTheorie-
dc.titleOptimal harvesting under resource stock and price uncertainty-
dc.typedoc-type:workingPaper-
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