المستودع الأكاديمي جامعة المدينة

Does risk aversion accelerate optimal forest rotation under uncertainty?

أعرض تسجيلة المادة بشكل مبسط

dc.creator Alvarez, Luis H. R.
dc.creator Koskela, Erkki
dc.date 2004
dc.date.accessioned 2013-10-16T07:01:57Z
dc.date.available 2013-10-16T07:01:57Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18923
dc.identifier ppn:471337536
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18923
dc.description 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-dimensional path-dependent rotation problem and demonstrate that higher interest rate volatility increases, while higher risk aversion decreases the optimal harvesting threshold. Moreover, under risk aversion increased forest value volatility decreases the optimal harvesting threshold, while it has no effect under risk neutrality. Numerical illustrations indicate that higher interest rate volatility will raise the expected rotation period at an increasing rate, while higher forest value volatility will decrease its sensitivity under risk aversion.
dc.language eng
dc.publisher
dc.relation CESifo working papers 1285
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject Q23
dc.subject G31
dc.subject C61
dc.subject ddc:330
dc.subject forest rotation
dc.subject risk aversion
dc.subject stochastic interest rates
dc.subject optimal stopping
dc.subject Forstökonomie
dc.subject Abholzung
dc.subject Suchtheorie
dc.subject Risikoaversion
dc.subject Zins
dc.subject Stochastischer Prozess
dc.subject Theorie
dc.title Does risk aversion accelerate optimal forest rotation under uncertainty?
dc.type doc-type:workingPaper


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