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dc.contributor.authorAlvarez, Luis H. R.en_US
dc.contributor.authorKoskela, Erkkien_US
dc.date.accessioned2009-01-28T15:52:36Z-
dc.date.available2009-01-28T15:52:36Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/18748-
dc.description.abstractWe analyze optimal harvesting policy under stochastic price and stock dynamics. We state a set of weak conditions under which the optimal policy can be characterized by a single exercise threshold and show that the value of optimal harvesting and depletion policies can be expressed as the separable form according to which only the current price and the expected per capita growth rate affect the threshold, while under risk neutrality volatility of price dynamics will have no effect. Uncertainty makes waiting valuable and the optimal threshold is higher when harvesting can be exercised only once than in the sequential case.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCESifo working papers 1384en_US
dc.subject.jelH25en_US
dc.subject.jelG31en_US
dc.subject.jelD80en_US
dc.subject.ddc330en_US
dc.subject.keywordoptimal harvestingen_US
dc.subject.keywordstochastic price and stock dynamicsen_US
dc.subject.keywordsingle and sequentialen_US
dc.subject.stwErnteen_US
dc.subject.stwErneuerbare Ressourcenen_US
dc.subject.stwKontrolltheorieen_US
dc.subject.stwRessourcenökonomiken_US
dc.subject.stwStochastischer Prozessen_US
dc.subject.stwTheorieen_US
dc.titleOptimal harvesting under resource stock and price uncertaintyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn479267278en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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