On Solving the Multirotational Timber Harvesting Problem with Stochastic Prices: A Linear Complementarity Formulation
用线性互补问题求解无限轮伐的随机价格收获决策，对比马尔可夫决策过程模型，并估算安大略省北方森林的代表性林分价值。
Abstract This article develops a two‐factor real options model of the harvesting decision over infinite rotations assuming a known stochastic price process and using a rigorous Hamilton‐Jacobi‐Bellman methodology. The harvesting problem is formulated as a linear complementarity problem that is solved numerically using a fully implicit finite difference method. This approach is contrasted with the Markov decision process models commonly used in the literature. The model is used to estimate the value of a representative stand in Ontario's boreal forest, both when there is complete flexibility regarding harvesting time and when regulations dictate the harvesting date.