Range Management under Uncertainty

Larry Karp and Arden Pope

American Journal of Agricultural Economics, 1984, vol. 66, issue 4, 437-446

Abstract: The problem of rangeland management is modeled as a stochastic control problem. The manager periodically chooses stocking rates and decides whether to use a treatment which improves the rangeland. His decisions have an uncertain impact on the rangeland. The theory of finite Markov chains is used to analyze the solution to the control problem. The stochastic specification of the model is varied to test the sensitivity of the optimal policies. These are quite robust except at certain levels of the range condition. Cases of a risk-neutral and risk-averse manager are studied.

Date: 1984
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