Stochastic Rangeland Use under Capital Constraints
构建随机动态规划模型，分析哈萨克斯坦牧场资本约束对畜群规模和生产率的影响，发现资本成本是当前放牧密度低的关键因素，建议改善农村资本市场。
The stocking density on Kazakhstan's extensive rangelands is well below traditional levels. To analyze dynamic flock performance, we develop a stochastic dynamic programming model for livestock systems with stochastic forage production. The model contains continuous five state and 12 control variables, allowing improved characterization of the biophysical relationships and economic tradeoffs inherent in such systems. Most Kazakhstan herders have restricted access to capital. The model indicates that the cost of capital strongly affects flock size and productivity. We conclude that capital constraints are important to explaining the current low stocking density. Improving capital markets in rural areas warrants policy attention.