Optimal Harvest;
Carbon Sequestration;
American Option;
Monte Carlo;
D O I:
暂无
中图分类号:
S7 [林业];
学科分类号:
0829 ;
0907 ;
摘要:
This article presents a Monte Carlo methodology for solving the stochastic optimal timber harvest problem modeled as a recurrent American call option. A detailed description of the proposed methodology is given, and the Monte Carlo technique is contrasted with finite difference methods typically used to find solutions of the optimal harvest problem with stochastic prices. The use of the methodology is then demonstrated via an example. In the example, expected bare land values and optimal harvest policies are calculated for a Douglas-fir stand in western Washington State. It is assumed that the forest owner derives revenue from traditional timber sales and carbon sequestration, and that prices of timber and carbon follow a known stochastic process. Results of the calculations are discussed.
机构:
SGGW Warszawie, Katedra Urzadzania Lasu Dendrometrii & Ekon Lesni, Ul Nowoursynowska 159, PL-02776 Warsaw, PolandSGGW Warszawie, Katedra Urzadzania Lasu Dendrometrii & Ekon Lesni, Ul Nowoursynowska 159, PL-02776 Warsaw, Poland
Mandziuk, Agnieszka
Parzych, Stanislaw
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机构:
SGGW Warszawie, Katedra Urzadzania Lasu Dendrometrii & Ekon Lesni, Ul Nowoursynowska 159, PL-02776 Warsaw, PolandSGGW Warszawie, Katedra Urzadzania Lasu Dendrometrii & Ekon Lesni, Ul Nowoursynowska 159, PL-02776 Warsaw, Poland
机构:
Tohoku Univ, Grad Sch Life Sci, Ctr Ecosyst Management Adapting Global Change, Aoba Ku, Sendai, Miyagi 9808578, JapanTohoku Univ, Grad Sch Life Sci, Ctr Ecosyst Management Adapting Global Change, Aoba Ku, Sendai, Miyagi 9808578, Japan
Konoshima, Masashi
Albers, Heidi J.
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机构:
Oregon State Univ, Coll Forestry, Dept Forest Ecosyst & Soc, Corvallis, OR 97331 USATohoku Univ, Grad Sch Life Sci, Ctr Ecosyst Management Adapting Global Change, Aoba Ku, Sendai, Miyagi 9808578, Japan
Albers, Heidi J.
Montgomery, Claire A.
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h-index: 0
机构:
Oregon State Univ, Coll Forestry, Dept Forest Engn Resources & Management, Corvallis, OR 97331 USATohoku Univ, Grad Sch Life Sci, Ctr Ecosyst Management Adapting Global Change, Aoba Ku, Sendai, Miyagi 9808578, Japan
Montgomery, Claire A.
Arthur, Jeffrey L.
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h-index: 0
机构:
Oregon State Univ, Coll Sci, Dept Stat, Corvallis, OR 97331 USATohoku Univ, Grad Sch Life Sci, Ctr Ecosyst Management Adapting Global Change, Aoba Ku, Sendai, Miyagi 9808578, Japan