Shackleton, Mark B.; Sødal, Sigbjørn - In: Journal of Economic Dynamics and Control 34 (2010) 12, pp. 2533-2546
A stochastic forest rotation model in the Faustmann tradition is presented and exemplified. The model combines harvesting decisions with the potential to recover or clean up to restore the land after very unfavorable evolutions of the stochastic growth process. Uncertainty is shown to have a...