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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/3052 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/3052 http://eprints.org/relation/isCoversheetVersionOf https://pure.iiasa.ac.at/id/document/3052 archive 351 disk0/00/00/30/03 2016-01-15 01:58:05 2021-08-27 17:13:02 2016-01-15 01:58:05 monograph show 2 Lohmander P. AL0947 pub iis_for iis_mod iis_met prog_ado prog_ysp The problem of optimal pulse harvesting of a resource under risk is discussed. The fundamental importance of stationarity in the stochastic process is investigated and the limiting optimal stopping rule is derived. A numerical example from forestry is wed lo discuss the expected present value and the optimal slopping criterion as functions of time. Finally, the probability distribution of different optimal harvesting ages is calculated. In 1987, a publication will appear closely related to this one. It will contain a purely analytical derivation of the numerical results presented in this paper. Furthermore, it will contain a more general numerical optimization model, where any first order autoregressive price process and any price-age relationship can be used. Hence, this paper is a "popular" version of the final paper. Preliminary results show that the qualitative results discussed in this paper hold in very general cases. 1987-06 published WP-87-049 WP-87-049 10 2135 public working_paper IIASA, Laxenburg, Austria 40 FALSE info:eu-repo/semantics/book