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A Dynamic Economic Model of Pasture and Range Investments

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  • Oscar R. Burt

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.

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  • Oscar R. Burt, 1971. "A Dynamic Economic Model of Pasture and Range Investments," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(2), pages 197-205.
    • Handle: RePEc:oup:ajagec:v:53:y:1971:i:2:p:197-205.
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    File URL: http://hdl.handle.net/10.2307/1237432
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    Cited by:

    1. Pope, C. Arden, III & McBryde, Gary L., 1984. "Optimal Stocking Of Rangeland For Livestock Production Within A Dynamic Framework," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(1), pages 1-10, July.
    2. Bernardo, Daniel J., 1989. "A Dynamic Model For Determining Optimal Range Improvement Programs," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(2), pages 1-12, December.
    3. Young, Douglas L. & Van Kooten, G.C., 1988. "Incorporating Risk Into A Dynamic Programming Application: Flexcropping," Regional Research Projects > 1988: S-180 Annual Meeting, March 20-23, 1988, Savannah, Georgia 272781, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    4. Throsby, C.D., 1973. "New Methodologies in Agricultural Production Economics: a Review," 1973 Conference, August 19-30, 1973, São Paulo, Brazil 181385, International Association of Agricultural Economists.

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