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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Alvarez, Luis H. R. | en |
dc.contributor.author | Koskela, Erkki | en |
dc.date.accessioned | 2009-01-28T15:53:50Z | - |
dc.date.available | 2009-01-28T15:53:50Z | - |
dc.date.issued | 2004 | - |
dc.identifier.uri | http://hdl.handle.net/10419/18923 | - |
dc.description.abstract | We use a Wicksellian single rotation framework to analyze the impact of the intertemporallyfluctuating and stochastic mean-reverting interest rate process on the optimal harvestingthreshold and thereby the expected length of the rotation period, when forest value is alsostochastic following geometric Brownian motion and landowners are risk-averse. We providean explicit solution for the two-dimensional path-dependent rotation problem and demonstratethat higher interest rate volatility increases, while higher risk aversion decreases the optimalharvesting threshold. Moreover, under risk aversion increased forest value volatility decreasesthe optimal harvesting threshold, while it has no effect under risk neutrality. Numericalillustrations indicate that higher interest rate volatility will raise the expected rotation periodat an increasing rate, while higher forest value volatility will decrease its sensitivity under riskaversion. | en |
dc.language.iso | eng | en |
dc.publisher | |aCenter for Economic Studies and ifo Institute (CESifo) |cMunich | en |
dc.relation.ispartofseries | |aCESifo Working Paper |x1285 | en |
dc.subject.jel | Q23 | en |
dc.subject.jel | G31 | en |
dc.subject.jel | C61 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | forest rotation | en |
dc.subject.keyword | risk aversion | en |
dc.subject.keyword | stochastic interest rates | en |
dc.subject.keyword | optimal stopping | en |
dc.subject.stw | Forstökonomie | en |
dc.subject.stw | Abholzung | en |
dc.subject.stw | Suchtheorie | en |
dc.subject.stw | Risikoaversion | en |
dc.subject.stw | Zins | en |
dc.subject.stw | Stochastischer Prozess | en |
dc.subject.stw | Theorie | en |
dc.title | Does risk aversion accelerate optimal forest rotation under uncertainty? | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 856910287 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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