Learn More
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)
—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(More)
  • 1