Optimal grazing management rules in semi-arid rangelands with uncertain rainfall

Publikation: Arbeits- oder Diskussionspapiere und BerichteArbeits- oder Diskussionspapiere

Standard

Optimal grazing management rules in semi-arid rangelands with uncertain rainfall. / Quaas, Martin F.; Baumgärtner, Stefan.
Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg, 2011. (University of Lüneburg Working Papers Series in Economics; Nr. 193).

Publikation: Arbeits- oder Diskussionspapiere und BerichteArbeits- oder Diskussionspapiere

Harvard

Quaas, MF & Baumgärtner, S 2011 'Optimal grazing management rules in semi-arid rangelands with uncertain rainfall' University of Lüneburg Working Papers Series in Economics, Nr. 193, Institut für Volkswirtschaftslehre der Universität Lüneburg, Lüneburg.

APA

Quaas, M. F., & Baumgärtner, S. (2011). Optimal grazing management rules in semi-arid rangelands with uncertain rainfall. (University of Lüneburg Working Papers Series in Economics; Nr. 193). Institut für Volkswirtschaftslehre der Universität Lüneburg.

Vancouver

Quaas MF, Baumgärtner S. Optimal grazing management rules in semi-arid rangelands with uncertain rainfall. Lüneburg: Institut für Volkswirtschaftslehre der Universität Lüneburg. 2011 Jan. (University of Lüneburg Working Papers Series in Economics; 193).

Bibtex

@techreport{c0872b71792d44f18f92aa554415fd1b,
title = "Optimal grazing management rules in semi-arid rangelands with uncertain rainfall",
abstract = "We study optimal adaptive grazing management under uncertain rainfall in a discrete-time model. As in each year actual rainfall can be observed during the short rainy season, and grazing management can be adapted accordingly for the growing season, the closed-loop solution of the stochastic optimal control problem does not only depend on the state variable, but also on the realization of the random rainfall. This distinguishes optimal grazing management from the optimal use of most other natural resources under uncertainty, where the closed-loop solution of the stochastic optimal control problem depends only on the state variables. Solving this unusual stochastic optimization problem allows us to critically contribute to a long-standing controversy over how to optimally manage semi-arid rangelands by simple rules of thumb.",
keywords = "Sustainability sciences, Management & Economics, environmental risk, risk management, stochastic optimal control, grazing management, rules of thumb, Economics, environmental risk, risk management, stochastic optimal control, grazing management, rules of thumb",
author = "Quaas, {Martin F.} and Stefan Baumg{\"a}rtner",
year = "2011",
month = jan,
language = "English",
series = "University of L{\"u}neburg Working Papers Series in Economics",
publisher = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",
number = "193",
type = "WorkingPaper",
institution = "Institut f{\"u}r Volkswirtschaftslehre der Universit{\"a}t L{\"u}neburg",

}

RIS

TY - UNPB

T1 - Optimal grazing management rules in semi-arid rangelands with uncertain rainfall

AU - Quaas, Martin F.

AU - Baumgärtner, Stefan

PY - 2011/1

Y1 - 2011/1

N2 - We study optimal adaptive grazing management under uncertain rainfall in a discrete-time model. As in each year actual rainfall can be observed during the short rainy season, and grazing management can be adapted accordingly for the growing season, the closed-loop solution of the stochastic optimal control problem does not only depend on the state variable, but also on the realization of the random rainfall. This distinguishes optimal grazing management from the optimal use of most other natural resources under uncertainty, where the closed-loop solution of the stochastic optimal control problem depends only on the state variables. Solving this unusual stochastic optimization problem allows us to critically contribute to a long-standing controversy over how to optimally manage semi-arid rangelands by simple rules of thumb.

AB - We study optimal adaptive grazing management under uncertain rainfall in a discrete-time model. As in each year actual rainfall can be observed during the short rainy season, and grazing management can be adapted accordingly for the growing season, the closed-loop solution of the stochastic optimal control problem does not only depend on the state variable, but also on the realization of the random rainfall. This distinguishes optimal grazing management from the optimal use of most other natural resources under uncertainty, where the closed-loop solution of the stochastic optimal control problem depends only on the state variables. Solving this unusual stochastic optimization problem allows us to critically contribute to a long-standing controversy over how to optimally manage semi-arid rangelands by simple rules of thumb.

KW - Sustainability sciences, Management & Economics

KW - environmental risk

KW - risk management

KW - stochastic optimal control

KW - grazing management

KW - rules of thumb

KW - Economics

KW - environmental risk

KW - risk management

KW - stochastic optimal control

KW - grazing management

KW - rules of thumb

M3 - Working papers

T3 - University of Lüneburg Working Papers Series in Economics

BT - Optimal grazing management rules in semi-arid rangelands with uncertain rainfall

PB - Institut für Volkswirtschaftslehre der Universität Lüneburg

CY - Lüneburg

ER -

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