A conceptual approach is commonly needed to provide guidance for empirical analyses concerning the use of renewable resources such as rangelands. The theoretical model constructed in this paper captures the essential aspects of dynamic and stochastic issues associated with the management of...

A conceptual approach is commonly needed to provide guidance for empirical analyses concerning the use of renewable resources such as rangelands. The theoretical model constructed in this paper captures the essential aspects of dynamic and stochastic issues associated with the management of...

The Arrow/Fisher/Henry/ study of land development in the presence of uncertainty has been conducted in a two period model in which the development decision is indivisible. Very recently, this study has been extended to analyze the development problem in a multi-period framework. Nevertheless,...