Journal
ANNALS OF OPERATIONS RESEARCH
Volume 95, Issue -, Pages 217-228Publisher
BALTZER SCI PUBL BV
DOI: 10.1023/A:1018918627946
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This paper is a summary of central and typical concepts, ideas and results in the field of sequential optimization and stochastic phenomena in forestry. The sequential optimization methods can be applied to all forestry decisions. The text covers forestry decisions and forest economics issues that are based on sequential decision making. An illustration covers optimal decisions in the presence of stochastic market prices. Stochastic (and/or deterministic but for different reasons unpredictable) changes in the economic and physical environments can be considered in decision making over time as soon as they are revealed. For this reason, the information and decision processes are sequential.
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