Applications of Optimal Stopping in Resource Economics
AbstractSome applications of optimal stopping rules in the analysis of resource economic problems are surveyed. The conceptual foundation for the approach stems from the dual roles of uncertainty and irreversibility in these problems. A stochastic adaptation of Wicksell's "tree-cutting" paradigm is exposited and shown to provide a rigorous methodology that is as intuitive as more familiar contingent-asset approaches. Four resource economic applications are considered: environmental problems, urban development, bioeconomic harvesting and resource project timing and valuation. Copyright 1990 by The Economic Society of Australia.
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Bibliographic InfoArticle provided by The Economic Society of Australia in its journal The Economic Record.
Volume (Year): 66 (1990)
Issue (Month): 194 (September)
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- Davis, Graham A. & Cairns, Robert D., 2012. "Good timing: The economics of optimal stopping," Journal of Economic Dynamics and Control, Elsevier, vol. 36(2), pages 255-265.
- Baudry, Marc, 1999. "Stock externalities and the diffusion of less polluting capital: an option approach," Structural Change and Economic Dynamics, Elsevier, vol. 10(3-4), pages 395-420, December.
- Abildtrup, Jens & Strange, Niels, 2000. "The option value of non-contaminated forest watersheds," Forest Policy and Economics, Elsevier, vol. 1(2), pages 115-125, August.
- Marc Baudry, 2000. "Joint Management of Emission Abatement and Technological Innovation for Stock Externalities," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 16(2), pages 161-183, June.
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