Title: Optimal sequential forestry decisions under risk.
Authors: Lohmander, Peter
Abstract: This paper is a summary of central and typical concepts, ideas and results in the field of sequential optimization and stochastic phenomena in forestry. The sequential optimization methods can be applied to all forestry decisions. The text covers forestry decisions and forest economics issues that are based on sequential decision making. An illustration covers optimal decisions in the presence of stochastic market prices. Stochastic (and/or deterministic but for different reasons unpredictable) changes in the economic and physical environments can be considered in decision making over time as soon as they are revealed. For this reason, the information and decision processes are sequential.
Subjects: FORESTS & forestry; FOREST management; STOCHASTIC programming; FOREST economics; DECISION making; MARKET prices; ECONOMICS
Publication: Annals of Operations Research, 2000, Vol 95, Issue 1-4, p217
ISSN: 0254-5330
Publication type: Academic Journal
DOI: 10.1023/A:1018918627946

Optimal sequential forestry decisions under risk.

Lohmander, Peter