主要证明了在不存在交易成本的完全市场条件下连续时间欧式触销式双障碍卖权贴现到0时刻的价值过程{V(t∧τL∧τH,St∧τL∧τH);0 t T}为鞅,并且给出了对应单障碍卖权价值过程的鞅性质。同时还讨论了美式触销式双障碍卖权的定价问题,...主要证明了在不存在交易成本的完全市场条件下连续时间欧式触销式双障碍卖权贴现到0时刻的价值过程{V(t∧τL∧τH,St∧τL∧τH);0 t T}为鞅,并且给出了对应单障碍卖权价值过程的鞅性质。同时还讨论了美式触销式双障碍卖权的定价问题,给出了任意时刻t(0 t T)其内在价值的表达式。展开更多
A forest carbon （C） sequestration project was conducted to evaluate the economic incentives that would be required by landowners to engage in C trading under different management regimes. Costs associated with joint...A forest carbon （C） sequestration project was conducted to evaluate the economic incentives that would be required by landowners to engage in C trading under different management regimes. Costs associated with joint management for C sequestration and timber would be valuable for establishing sound forest C trading systems. In this study, we calculated the C yield and amortized value of three Wyoming, ponderosa pine stands. The management practices examined were, unmanaged, even-aged （regeneration after clear-cut） and uneven-aged （selectively harvested）. Costs and revenues associated with three stands were converted into 2006 real dollars using the all commodity producer price index to facilitate a comparison among the net revenues of three stands. Net revenues were annualized using a conservative annual interest rate of 4.5%. Our even-aged stand bad the highest annual average C yield of 2.48 Mg·ha^-1·a^-1, whereas, the uneven-aged stand had the lowest C accumulation （1.98Mg·ha^-1·a^-1）. Alternatively, the even-aged stand had the highest amortized net return of S276·ha^-1·a^-1 and the unmanaged stand had the lowest net return of S64·ha^-1·a^-1. On the plots examined, an annual payment of S22 for each additional Mg of C sequestered would encourage a change from uneven aged management to an unmanaged stand that sequesters additional C, in the absence of transactions costs.展开更多
文摘A forest carbon （C） sequestration project was conducted to evaluate the economic incentives that would be required by landowners to engage in C trading under different management regimes. Costs associated with joint management for C sequestration and timber would be valuable for establishing sound forest C trading systems. In this study, we calculated the C yield and amortized value of three Wyoming, ponderosa pine stands. The management practices examined were, unmanaged, even-aged （regeneration after clear-cut） and uneven-aged （selectively harvested）. Costs and revenues associated with three stands were converted into 2006 real dollars using the all commodity producer price index to facilitate a comparison among the net revenues of three stands. Net revenues were annualized using a conservative annual interest rate of 4.5%. Our even-aged stand bad the highest annual average C yield of 2.48 Mg·ha^-1·a^-1, whereas, the uneven-aged stand had the lowest C accumulation （1.98Mg·ha^-1·a^-1）. Alternatively, the even-aged stand had the highest amortized net return of S276·ha^-1·a^-1 and the unmanaged stand had the lowest net return of S64·ha^-1·a^-1. On the plots examined, an annual payment of S22 for each additional Mg of C sequestered would encourage a change from uneven aged management to an unmanaged stand that sequesters additional C, in the absence of transactions costs.
