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...

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...

Recently, Batabyal and Godfrey (2002) have used a discrete-time Markov chain model to analyze the problem of rangeland management under uncertainty. In the present note, I continue this line of inquiry. In particular, I first show how the technique of first step analysis can be used to derive a...

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...

Recently, Batabyal and Godfrey (2002) have used a discrete-time Markov chain model to analyze the problem of rangeland management under uncertainty. In the present note, I continue this line of inquiry. In particular, I first show how the technique of first step analysis can be used to derive a...

Owing to a variety of factors, the total forage consumed by grazing animals on a rangeland is a random variable. Although this fact has been recognized in the extant literature, to the best of our knowledge, there are no studies that have analyzed the statistical properties of this random...

Owing to a variety of factors, the total forage consumed by grazing animals on a rangeland is a random variable. Although this fact has been recognized in the extant literature, to the best of our knowledge, there are no studies that have analyzed the statistical properties of this random...

The n total consumers in the market for a particular good are made up of b brown and g green consumers so that b+g=n. The b brown (g green) consumers are not (are) environmentally conscious and hence they prefer to buy a new (remanufactured) good denoted by N and R respectively. By strategically...