Chance Constraints and Chance Maximization with Random Yield Coefficients in Renewable Resource Optimization

Abstract

This paper treats a variety of approaches to account for random yield coefficients with known means and variances in renewable resource optimization models. General formulations are discussed first, followed by a forestry case example that demonstrates the formulations and resulting optimal solutions in a renewable resource application. Different approaches to approximating the normal cumulative density function are evaluated using simulation. For. Sci. 38(2):305-323.