Optimal Harvesting and Thinning with Stochastic Prices
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. A simplified model is numerically simulated using parameters estimated from Dutch data for Pinus sylvestris to determine when to thin. The simulation results suggest that the gains from incorporating thinning are significant when compared to the Faustmann approach and at least modestly important when compared to optimal harvesting models without thinning. The simulation results also indicate that expected thinning age may decrease significantly while the expected harvest age increases, when compared to the Faustmann approach. For. Sci. 46(1):23-31.
No Reference information available - sign in for access.
No Citation information available - sign in for access.
No Supplementary Data.
No Article Media
Document Type: Journal Article
Publication date: 2000-02-01
More about this publication?
- Important Notice: SAF's journals are now published through partnership with the Oxford University Press. Access to archived material will be available here on the Ingenta website until March 31, 2018. For new material, please access the journals via OUP's website. Note that access via Ingenta will be permanently discontinued after March 31, 2018. Members requiring support to access SAF's journals via OUP's site should contact SAF's membership department for assistance.
Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
Forest Science is published bimonthly in February, April, June, August, October, and December.
2016 Impact Factor: 1.782 (Rank 17/64 in forestry)
Average time from submission to first decision: 62.5 days*
June 1, 2016 to Feb. 28, 2017
Also published by SAF:
Journal of Forestry
Other SAF Publications
- Submit a Paper
- Membership Information
- Author Guidelines
- Ingenta Connect is not responsible for the content or availability of external websites