A Dynamic and Stochastic Perspective on the Role of Time in Range Management

27 Pages Posted: 29 Feb 2004

See all articles by Amitrajeet A. Batabyal

Amitrajeet A. Batabyal

Rochester Institute of Technology (RIT) - Department of Economics

Basudeb Biswas

Utah State University - College of Business - Department of Economics

E. Bruce Godfrey

Utah State University - College of Business - Department of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: February 2004

Abstract

This chapter uses a new ecological-economic approach to analyze the role of time in range management in a dynamic and stochastic setting. We first construct a theoretical model of a parcel of rangeland in which time restrictions are used to manage the land. We then show how the dynamic and the stochastic properties of this rangeland can be used to construct two managerial objectives that are ecologically and economically meaningful. Finally, using these two objectives, we discuss an approach to range management in which the manager has two interrelated goals. This manager maximizes the profits from range operations and (s)he also takes steps to move the rangeland away from the least desirable state of existence.

Keywords: Ecological-economic system, Semi-Markov Process, time restriction, uncertainty

JEL Classification: D81, Q20, Q24

Suggested Citation

Batabyal, Amitrajeet A. and Biswas, Basudeb and Godfrey, E. Bruce, A Dynamic and Stochastic Perspective on the Role of Time in Range Management (February 2004). Available at SSRN: https://ssrn.com/abstract=509042 or http://dx.doi.org/10.2139/ssrn.509042

Amitrajeet A. Batabyal (Contact Author)

Rochester Institute of Technology (RIT) - Department of Economics ( email )

92 Lomb Memorial Drive
Rochester, NY 14623-5604
United States
585-475-2805 (Phone)
585-475-5777 (Fax)

HOME PAGE: http://people.rit.edu/aabgsh

Basudeb Biswas

Utah State University - College of Business - Department of Economics ( email )

3530 Old Main Hill
Logan, UT 84322-3530
United States

E. Bruce Godfrey

Utah State University - College of Business - Department of Economics ( email )

3530 Old Main Hill
Logan, UT 84322-3530
United States

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