APPLICATIONS OF OPTIMAL STOPPING IN RESOURCE ECONOMICS

被引：7
|
作者：
CLARKE, HR [1 ]
REED, WJ [1 ]
机构：
[1] UNIV VICTORIA, DEPT MATH & STAT, VICTORIA V8W 2Y2, BC, CANADA
来源：
ECONOMIC RECORD | 1990年 / 66卷 / 194期
关键词：
D O I：
10.1111/j.1475-4932.1990.tb01727.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Some applications of optimal stopping rules in the analysis of resource economic problems are surveyed. The conceptual foundation for the approach stems from the dual roles of uncertainty and irreversibility in these problems. A stochastic adaptation of Wicksell's ‘tree‐cutting’ paradigm is exposited and shown to provide a rigorous methodology that is as intuitive as more familiar contingent‐asset approaches. Four resource economic applications are considered: environmental problems, urban development, bioeconomic harvesting and resource project timing and valuation. Copyright © 1990, Wiley Blackwell. All rights reserved
引用
收藏
页码：254 / 265
页数：12
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