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Keywords: Markov chain
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Journal Articles
Journal:
Journal of Forest Economics
Journal of Forest Economics (2011) 17 (3): 248–257.
Published: 01 August 2011
... standing trees. The changes between stand states, prices, and interest rate, are represented by Markov chains. Faustmann’s formula is a special case where the change from one state to another has 0 or 1 probability, and the interest rate is constant. The MDP model applies to any stand state, even-or uneven...
