A Dynamic Economic Model of Pasture and Range Investments

Oscar R. Burt

American Journal of Agricultural Economics, 1971, vol. 53, issue 2, 197-205

Abstract: The traditional economic replacement problem is extended to accommodate a situation where quasi-rents of future replacements are influenced by replacement age of the currently held asset. This generalized replacement model is applied to optimal timing of the clearing of brush and scrub timber from pasture and range. Dynamic programming is applied to the problem and the structure of the decision role analyzed. An approximately optimal decision rule is deduced by an analysis of the limiting behavior of the optimal policy. An illustrative example is given for pinyon-juniper control in southwestern United States.

Date: 1971
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