Stochastic modeling of the number of trees and the number of felled trees in selection stands

Authors

  • Slobodanka S. Mitrović Faculty of Forestry University of Belgrade, Belgrade, Serbia and Montenegro

DOI:

https://doi.org/10.2298/YJOR0401057M

Keywords:

random walk, Itô´s lemma, lognormal distribution, Itô´s stochastic differential equation, partial differential equation

Abstract

This paper solves the problem of forecasting the number of trees in the selection stands predicted for harvesting in a future period, so that the present resource of the number of trees is sustained. This is achieved by stochastic modeling of the number of trees and the number of felled trees and by solving the partial differential equation.

References

Black, F., Scholes, M. (1973) The pricing of options and corporate liabilities. Journal of Political Economy, vol. 81, br. 3, str. 637-54

Ito, K. (1951) On stochastic differential equations. Memoirs of American Mathematical Society, 4: 1-51

Mitrović, S.S., Banković, S. (2002) Mogućnost korišćenja grupne regresije pri analizi razvoja debljinske strukture u prebirnim šumama Tare. Glasnik Šumarskog fakulteta, br. 85, str. 79-89

Steele, J.M. (2001) Stochastic calculus and financial applications. Berlin, itd: Springer Verlag

Wilmott, P., Howison, S., Dewynne, J. (1995) Mathematics of financial derivatives. Cambridge, itd: Cambridge University Press

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Published

2004-03-01

Issue

Vol. 14 No. 1 (2004)

Section

Research Articles

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