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dc.contributor.authorAlvarez, Luis H. R.en
dc.contributor.authorKoskela, Erkkien
dc.date.accessioned2009-01-28T15:52:36Z-
dc.date.available2009-01-28T15:52:36Z-
dc.date.issued2005-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1384en
dc.subject.jelH25en
dc.subject.jelG31en
dc.subject.jelD80en
dc.subject.ddc330en
dc.subject.keywordoptimal harvestingen
dc.subject.keywordstochastic price and stock dynamicsen
dc.subject.keywordsingle and sequentialen
dc.subject.stwErnteen
dc.subject.stwErneuerbare Ressourcenen
dc.subject.stwKontrolltheorieen
dc.subject.stwRessourcenökonomiken
dc.subject.stwStochastischer Prozessen
dc.subject.stwTheorieen
dc.titleOptimal harvesting under resource stock and price uncertainty-
dc.typeWorking Paperen
dc.identifier.ppn479267278en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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