Quaas, Martin; Baumgärtner, Stefan; Becker, Christian; … - 2004
We analyze a dynamic and stochastic ecological-economic model of grazing management in semi-arid range lands. The non …-equilibrium ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty … such as to maximize expected utility from farming income. Grazing management strategies are rules about which share of the …