This chapter uses a new ecological-economic approach to analyze the role of time in range management in a dynamic and stochastic setting. We first construct a theoretical model of a parcel of rangeland in which time restrictions are used to manage the land. We then show how the dynamic and the...

The concept of a reservation value is a key feature of most contemporary dynamic and probabilistic models of land development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or preserve land. This notwithstanding, many articles that...