Chenming Bao

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Discounted cash flow analysis, including net present value is an established way to value land use and management investments which accounts for the time-value of money. However, it provides a static view and assumes passive commitment to an investment strategy when real world land use and management investment decisions are characterised by uncertainty,(More)
Abstract—This paper investigates the possibility of presenting the solution of a discrete-time stochastic control problem in the form of optimal decision regions in the statetime coordinates. We study a problem of optimal management of a mineral extraction project under commodity price uncertainty, with opportunity to switch between several operating modes(More)
This paper introduces a simulation-based numerical method for solving dynamic portfolio optimization problem. We describe a recursive numerical approach that is based on the Least Squares Monte Carlo method to calculate the conditional value functions of investors for a sequence of discrete decision dates. The method is data driven rather than restricted to(More)
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