Literature cited
- Brazee R, Bulte E (2000) Optimal harvesting and thinning with stochastic prices. For Sci 46: 23–31
- Brazee R, Mendelsohn R (1988) Timber harvesting with fluctuating prices. For Sci 34: 359–372
- Clarke HR, Reed WJ (1989) The tree-cutting problem in a stochastic environment: the case of age-dependent growth. J Econ Dyn Control 13: 569–595
- Clarke HR, Reed WJ (1990) Land development and wilderness conservation policies under uncertainty: a synthesis, Nat Resour Model 4: 11–37
- Davidson R, MacKinnon JG (1993) Estimation and inference in econometrics. Oxford University Press, New York, USA, p 875
- Fina M, Amacher GS, Sullivan J (2000) Uncertainty, debt, and forest harvesting: Faustmann revisited. For Sci 47: 188–196
- Gardiner CW (1997) Handbook of stochastic methods. Springer, Berlin Heidelberg New York
- Gill PE, Murray W, Wright MH (1981) Practical optimization. Academic, New York
- Haight RG, Holmes TP (1991) Stochastic price models and optimal tree cutting: results for loblolly pine. Nat Resour Model 5: 423–443
- Hall BH, Cummins C (1999) Time series processor Version 4.5 user's guide. TSP International, CA, USA
- Hughes WR (2000) Valuing a forest as a call option: the sale of forestry corporation of New Zealand. For Sci 46: 32–39
- Morck R, Schwartz E, Stangeland D (1989) The valuation of forestry resources under stochastic prices and investments. J Financ Quant Anal 24: 473–487
- Plantinga AJ (1998) The optimal timber rotation: an option value approach. For Sci 44: 192–202
- Reed WJ (1984) The effects of the risk of fire on the optimal rotation of a forest. J Environ Econ Manage 11: 180–190
- Reed WJ, Ye JJ (1994) The role of stochastic monotonicity in the decision to conserve or harvest old-growth forest. Nat Resour Model 8: 47–79
- Rinyacho (1975–2000) Annual report: report on supply and demand of timber (Mokuzai Jukyu Houkokusho). Ministry of Agriculture, Forestry, and Fisheries of Japan. Norin Toukei Kyokai, Tokyo
- Teeter LD, Caulfield JP (1991) Stand density management strategies under risk: effects of stochastic prices. Can J For Res 21: 1373–1379
- Thomson TA (1992) Optimal forest rotation when stumpage prices follow a diffusion process. Land Econ 68(3): 329–342
- Thorsen BJ (1999) Afforestation as a real option: some policy implications. For Sci 45: 171–178
- Willassen Y (1998) The stochastic rotation problem: a generalization of Faustmann's formula to stochastic forest growth. J Econ Dyn Control 22: 573–596
- Yin R, Newman D (1995) A note on the tree-cutting problem in a stochastic environment. J For Econ 1: 181–190.
- Yin R, Newman D (1996) The effect of catastrophic risk on forest investment decisions. J Environ Econ Manage 31: 186–197
- Yoshimoto A (2002) Stochastic control modeling for forest stand management under uncertain price dynamics through geometric Brownian motion. J For Res 7: 81–90
- Yoshimoto A, Shoji I (1998) Searching for an optimal rotation age for forest stand management under stochastic log prices. Eur J Operat Res 105: 100–112
- Zinkhan FC (1991) Option pricing and timberland's land-use conversion option. Land Econ 67: 317–325