Optimal Harvesting and Thinning with Stochastic Prices

摘要

This article rigorously incorporates optimal thinning decisions for an even-age stand into an optimal harvesting model with fluctuating stumpage prices. The theoretical model optimally determines how often and at what ages to thin when stumpage prices are independently drawn from a stationary distribution. New theoretical results include increases in the net present value of both land and stumpage, and an increase in some harvest reservation prices from introducing thinning.