Optimal harvest of a forest in the presence of uncertainty
1989 ◽
Vol 19
(10)
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pp. 1267-1274
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Keyword(s):
Type Ii
◽
A method is described for finding logging levels to maximize harvest in a finite horizon type II model. Uncertainty is considered in the form of the risk of forest fires and other environmental hazards, which may destroy a random fraction of the existing forest. Numerical results include upper and lower bound approximations to the original problem.