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,...

We analyze the medical decision-making process, first from the perspective of a patient and then from the perspective of a health care provider. Using a decision-tree, we describe the different actions a mother can take to treat her daughter, who she suspects has otitis media — an ear...