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A Numerical Stochastic Control model of Range Management

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  • Beard, Rodney

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.

Suggested Citation

  • Beard, Rodney, 2000. "A Numerical Stochastic Control model of Range Management," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123604, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare00:123604
    DOI: 10.22004/ag.econ.123604
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    Research Methods/ Statistical Methods;

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