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A real-option farm-level model on investment in perennial energy crops under risk considerations
(2017)The stochastic dynamic optimization model documented in here simulates decisions of an arable farm with respect to long-term investment based on a compound American option. The implemented application is an investment in short-rotation coppice (SRC). SRC uses fast-growing trees that, once they are set-up, are coppiced several times and finally cleared-up. Time and scale of SRC introduction, intermediate harvest quantities, and final ...Model