... Forest rotation Risk aversion Stochastic interest rates Optimal stopping The Elsevier company logo featuring a woodcut illustration of a scholar standing beneath a vine-entwined elm tree with the Latin motto Non Solus. The most often used starting point in the analyzes of optimal...

... draws from a stationary distribution, and the case where farm income is generated by a stationary, autoregressive process. In the first case, the solution is a single value of farm income for each period. In the second case, the optimal stopping rule is a set of two values of farm income. © 1999...

...L. Hultkrantz Optimal stopping rules for timber harvesting depend on the nature of the price process. This paper examines two measures of the annual unit timber rent in Sweden; stumpage prices from 1909-1990, and unit net conversion value from 1920-1989. Allowing a postwar shift in the price level...