A Theoretical Perspective on Managed Rangelands and Irreversible States
Shawn M. Rohlin
Rochester Institute of Technology (RIT) - Department of Economics
Amitrajeet A. Batabyal
Rochester Institute of Technology
International Review of Economics and Finance, Vol. 14, No. 4, pp. 487-494, 2005
In spite of a manager's best attempts, a managed rangeland may hit an irreversible state in which it provides neither consumptive nor non-consumptive services to humans. Therefore, given a particular time based management regime, it is useful to know how long it takes for a rangeland to hit the irreversible state. The purpose of this paper is to conduct a theoretical analysis of this and related questions. In particular, we first provide a stochastic characterization of a time based range management regime. Second, we ascertain the expected amount of time it takes for our managed rangeland to hit the irreversible state. Third, we discuss the properties of the above mathematical expectation. Finally, we pose and discuss a simple optimization problem for our range manager.
Keywords: Irreversible State, Markov Chain, Range Management, Uncertainty
JEL Classification: D81, Q20, Q24Accepted Paper Series
Date posted: November 4, 2005
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo4 in 0.297 seconds