Repositorio UFRO · Omeka S

Faustmann optimal pine stands stochastic rotation problem

Primer Autor	Navarrete, Eduardo
Co-autores	Bustos, Jaime
Título	Faustmann optimal pine stands stochastic rotation problem
Editorial	ELSEVIER
Revista	FOREST POLICY AND ECONOMICS
Lenguaje	en
Resumen	The Faustmann optimal rotation harvesting pine stands' models under Logistic and Gompertz wood stock and Brownian price stochastic diffusion processes are reformulated as stochastic one dimensional optimal stopping problem, which are solvable with the Hamilton-Jacobi-Bellman equations. The application of these models to a Chilean forest company stands, shows discrepancies due to the absence of consideration to wood stock and price uncertainties that the company's actual cut policy shows. The stochastic models predict a significant increase of their deterministic optimal cut, with 47.0% and 48.0% in the cases of the Logistical and Gompertz wood stock diffusion respectively. The experimental data significantly validate the Faustmann stochastic logistic model giving a better approximation of the company cut policy, underestimating it by 8.09% and producing a more reliable saturation volume than the Gompertz model. The sensitivity analysis shows that both volatilities have a similar linear effect in the optimal cut, but the wood stock volatility volume elasticity of 0.687 almost double the stumpage price volume elasticity of 0.350, showing the importance of this uncertainty. (c) 2013 Elsevier B.V. All rights reserved.
Tipo de Recurso	Artículo original
doi	10.1016/j.forpol.2013.02.007
Formato Recurso	pdf
Palabras Claves	Optimal tree cutting Faustmann stochastic formula Logistical diffusion Operational research FORESTRY PRICES VALUATION Tala óptima de árboles fórmula estocástica de Faustmann difusión logística investigación operativa SILVICULTURA PRECIOS VALORACIÓN
Ubicación del archivo	http://dx.doi.org/10.1016/j.forpol.2013.02.007
Materias	Optimal tree cutting Faustmann stochastic formula Logistical diffusion Operational research FORESTRY PRICES VALUATION Tala óptima de árboles fórmula estocástica de Faustmann difusión logística investigación operativa SILVICULTURA PRECIOS VALORACIÓN
Disciplinas de la OCDE	Silvicultura Matemáticas Aplicadas Economía
Título de la cita (Recomendado-único)	Faustmann optimal pine stands stochastic rotation problem
Revista/Libro	FOREST POLICY AND ECONOMICS
Tipo de ruta	hibrida verde
Access Rights	metadata
Derechos de acceso	metadata
Idioma	en
Identificador del recurso (Mandatado-único)	Artículo original
Versión del recurso (Recomendado-único)	versión publicada
Editorial	ELSEVIER
ISSN	1389-9341
Página de inicio (Recomendado-único)	39
Página final (Recomendado-único)	45
Categoría WOS	Economía Estudios ambientales Silvicultura Economics Environmental Studies Forestry
Formato	pdf
Id de Web of Science	WOS:000320493000006