Harvest Decisions and Asset Valuation for Biological Resources Exhibiting Size-Dependent Stochastic Growth
推导了在随机价格环境下，具有尺寸依赖随机增长的生物资产的最优收获规则和收获前估值程序，分析了单轮次和持续轮次问题，并评估了规则的敏感性。
Optimal harvest rules and preharvest valuation procedures are derived for biological assets with stochastic size-dependent growth in a stochastic price environment. These issues are analyzed as continuous-time optimal stopping problems. Both the single-rotation and ongoing-rotations problems are addressed. The sensitivity of harvest and valuation rules is assessed. The results are compared with those derived from a myopic look-ahead procedure and with the corresponding findings for age-dependent growth. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.