Continuous-time Continuous Stochastic Process Models of Pine Stumpage Prices and Plantation Returns in the Southeast US
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2013-05
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DIXON, ERNEST, IV. Continuous-time Continuous Stochastic Process Models of Pine Stumpage Prices and Plantation Returns in the Southeast US. (Under the direction of Robert C. Abt).
This work presents an overview of how continuous-time continuous stochastic process models can be used in forestry related analysis, using data relevant for the coastal plain of North Carolina. Testing for stationarity, model estimation, simulated projections, and interpretation are presented for geometric Brownian motion and simple mean reverting models of pine plantation returns for this region. Additional models are estimated for pine stumpage and plantation returns for regions across the southeast US coastal plain.