We analyze optimal harvesting policy under stochastic price and stock dynamics. We state a set of weak conditions under which the optimal policy can be characterized by a single exercise threshold and show that the value of optimal harvesting and depletion policies can be expressed as the...

This paper extends the Hartman model to study the optimal rotation age of two interdependent stands when the stream of amenities produced from the two stands may be complements or substitutes, both in space and over time. In the presence of stand interdependence both the ownership structure and...

The current literature on optimal forest rotation makes the assumption of constant interest rate. However, the irreversible harvesting decisions of forest stands are typically subject to relatively long time horizons over which interest rates do fluctuate considerably. In this paper we apply the...

This paper extends the Hartman model to include the case where two adjacent stands may be interdependent in the provision of amenity services. We show first that the relationship between the focal and exogenous rotation age depends on the nature of their temporal interdependence, i.e., on what...

Pakistan is at 28th amongst the countries that are going to be hurt badly by climate change. It falls in ten major wheat-producing countries of the world in terms of area, production and yield per hectare. Global warming, as a result of climate change, may negatively affect morphological...

In Malaysia, there is a declining trend in agricultural productivity and crop yields due to various climate events in the recent years. Therefore, this study aims to examine the impacts of climate change, especially El Nino and flood, on the financial performance of Malaysian agro and plantation...