Chen, Shan; Insley, Margaret - In: Journal of Economic Dynamics and Control 36 (2012) 2, pp. 201-219
optimal harvesting problems in forestry than a more traditional single regime model. Prices of lumber derivatives are used to … regime, mean reverting process is also calibrated. The value of a representative stand of trees and optimal harvesting prices … futures prices than the single regime model. In addition, analysis of a tree harvesting problem indicates significant …