文章基本信息

标题：An Analytical Optimal Strategy of the Forest Asset Dynamic Management under Stochastic Timber Price and Growth: A Portfolio Approach
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作者：Jianwu Xiao ; Wenxing Kang ; Shaohua Yin 等
期刊名称：Low Carbon Economy
印刷版ISSN：2158-7000
电子版ISSN：2158-7019
出版年度：2010
卷号：1
期号：1
页码：25-28
DOI：10.4236/lce.2010.11004
出版社：Scientific Research Publishing
摘要：Considering the valuation of forest stands based on revenue from wood sales, concession policy (such as carbon sub- sidies) and associated costs, the paper focuses on the stochastic control model to study the forest asset dynamic manage- ment. The key contribution is to find the optimal dynamic strategy about harvesting quantity in the continual and multiple periods in conditions of stochastic commodity price and timber growth by using portfolio approach. Finally, an analytical optimal strategy is obtained to analyze the quantification relations through which some important conclusions about the optimal forest management can be drawn.
关键词：Forest Management; Analytical; Stochastic Price and Growth; Portfolio; Carbon Subsidies