| 摘要: |
| 基于实物期权理论，在假设木材价格符合几何布朗运动的基础上，建立了确定最优轮伐期的实物期权模型，并给出了相应的算法，最后进行了案例分析。 |
| 关键词: 实物期权 轮伐期 林业经济 |
| DOI： |
| 分类号: |
| 基金项目:国家自然科学基金项目(70042003) |
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| A real option approach to determine an optimal rotation age |
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| Abstract: |
| Assumed that log prices follow the geometric Brownian motion,a binomial lattice model for determining an optimal rotation age is proposed based on real option theory.Then an algorithm to solve the model is developed.In the end,a case study conducted in a forest firm is reported. |
| Key words: real option rotation age forestry economy |
