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...

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...