A Numerical Stochastic Control model of Range Management

Rodney Beard

No 123643, 2000 Conference (44th), January 23-25, 2000, Sydney, Australia from Australian Agricultural and Resource Economics Society

Abstract: An optimal stochastic control model of grazing that incorporates both pasture and livestock dynamics is presented. The model is solved numerically using Markov chain approximation methods. Markov chain approximation methods have a number of advantages as a means of solving stochastic optimal control methods compared with the usual alternatives. In particular, optimal control of the approximating Markov chain may be determined using Linear programming methods, thus making optimal stochastic control methods accessible to a wider audience.

Keywords: Research; Methods/Statistical; Methods (search for similar items in EconPapers)
Pages: 15
Date: 2000-02-02
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Working Paper: A Numerical Stochastic Control model of Range Management (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aare00:123643

DOI: 10.22004/ag.econ.123643

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