Quaas, Martin; Baumgärtner, Stefan; Becker, Christian; … - Alfred-Weber-Institut für Sozial- und … - 2004
We analyze a dynamic and stochastic ecological-economic model of grazingmanagement in semi-arid rangelands. The non-equilibrium ecosystem is driven bystochastic precipitation. A risk averse farmer chooses a grazing management strategyunder uncertainty such as to maximize expected utility from...