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

Abstract

This chapter uses a new ecological-economic framework to study the role of time in range management in a dynamic and probabilistic 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 attributes 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: Range Management, Ecological-Economic System, Time, Uncertainty

JEL Classification: Q24, D81