Optimal harvesting with auto-correlated stumpage prices

Journal of Forest Economics

Volumn 5, Issue 2, 1999, Pages 201-216

  Brazee, Richard J ^a   Amacher, Gregory S ^b   Conway, M Christine ^b  

^a UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN   (United States)

^b VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY   (United States)

Author keywords

Adaptive Management; Random draw; Random walk; Reservation prices; Stumpage prices

Indexed keywords

FOREST MANAGEMENT; HARVESTING; PRICE DYNAMICS;

NUCLEOPOLYHEDROVIRUS;

EID: 0032741162     PISSN: 11046899     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (29)

1. Brazee, R. & Mendelsohn, R., 1988. Timber Harvesting with Fluctuating Prices. Forest Science, 34:359-72.
2. Clarke, H.R. & Reed, W.J., 1989. The Tree-Cutting Problem in a Stochastic Environment: The Case of Age Dependent Growth. Journal of Economics Dynamics and Control, 13:569-95.
3. Forboseh, P., Brazee, R.J. & Pickens, J.A., 1996. A Strategy for Multiproduct Stand Management with Uncertain Future Prices. Forest Science, 42:58-66.
4. Greene, W., 1997. Econometric Analysis (New York: Wiley Press).
5. Haight, R.G., 1991. Feedback Thinning Policies for Uneven-Aged Stand Management with Stochastic Prices. Forest Science, 36:1015-31.
6. Haight, R.G. & Holmes, T.P., 1991. Stochastic Price Models and Optimal Tree Cutting: Results for Loblolly Pine. Natural Resource Modeling, 5:423-43.
7. Haight R.G. & Smith, W.D., 1991. Harvesting Loblolly Pine Plantations with Hardwood Competition and Stochastic Prices. Forest Science, 37:1266-1282.
8. Hamilton, J.D., 1994. Time Series Analysis (Princeton: Princeton University Press).
9. Hultkrantz, L., 1995. The Behavior of Timber Rents in Sweden. Journal of Forest Economics, 1:165-180.
10. Hultkrantz, L., 1993. Informational Efficiency of Markets for Stumpage: Comment. American Journal of Agricultural Economics, 75:234-8.
11. Jung, C. & Doroodian, K., 1994. The Law of One Price for U.S. Softwood Lumber: A Multivariate Cointegration Test. Forest Science, 40:595-600.
12. Lohmander P., 1992. The Multi Species Forest Stand, Stochastic Prices and Adaptive Selective Thinning. Systems Analysis, Modeling, and Simulation, 9:229-250.
13. Lohmander, P., 1988. Pulse Extraction under Risk and a Numerical Forestry Application. Systems Analysis, Modeling and Simulation, 5:339-54.
14. Lohmander P., 1987. The Economics of Forest Management Under Risk. Swedish University of Agricultural Sciences, Department of Forest Economics, Umeå.
15. Morck, R., Schwartz, E. & Strangeland, D., 1989. The Valuation of Forestry Resources under Stochastic Prices and Inventories. Journal of Financial and Quantitative Analysis, 24:473-87.
16. Murray, B. & Wear, D., 1998. Federal Timber Restrictions and Interregional Arbitrage in U.S. Lumber. Land Economics, 74:76-91.
17. Norstrom, C.J., 1975. A Stochastic Model for the Growth Period Decision in Forestry. Swedish Journal of Economics, 77:329-337.
18. Plantinga, A., 1998. Optimal Harvesting Policies with Stationary and Non-Stationary Prices: An Option Value Analysis. Forest Science, 44:192-202.
19. Reed, W.J. & Clarke, H.R., 1990. Harvest Decisions and Asset Valuation for Biological Resources Exhibiting Size-Dependent Stochastic Growth. International Economic Review, 31:147-169
20. Reed, W.J. & Haight, R.G., 1996. Predicting the Present Value Distribution of a Forest Plantation Investment. Forest Science, 42:378-88.
21. Teeter, L.D. & Caulfield, J.P., 1991. Stand Density Management Strategies Under Risk: Effects of Stochastic Prices. Canadian Journal of Forest Research, 21:1373-1379.
22. Thomson, T.A., 1992. Optimal Forest Rotation When Stumpage Prices Follow a Diffusion Process. Land Economics, 68:329-342.
23. Thorsen, B.J., 1999. Progressive Income Taxes and Option Values: The Case of a Farmer Who Owns a Forest. Journal of Forest Economics, 5(2):217-234.
24. Uri, N. & Boyd, R., 1990. Considerations on Modeling the Market for Softwood Lumber in the United States. Forest Science, 36:680-692.
25. Washburn, C.L. & Binkley, C.S., 1990. Informational Efficiency of Markets for Stumpage. American Journal of Agricultural Economics, 72:394-405.
26. Washburn, C.L. & Binkley, C.S., 1993. Informational Efficiency of Markets for Stumpage: Reply. American Journal of Agricultural Economics, 75:239-42.
27. Wei, W. 1990. Time Series Analysis: Univariate and Multivariate Methods (New York: Addison Wesley).
28. Yin, R. & Newman, D.H., 1996. Are Markets for Stumpage Informationally Efficient? Canadian Journal of Forest Research, 26:1032-1039.
29. Yin, R. & Newman, D.H., 1995. A Note on the Tree-Cutting Problem in a Stochastic Environment. Journal of Forest Economics, 1:181-190.