Li's results (1998) are correct and robust. The Comment offers an interesting perspective from real-options theory, albeit misguided–from a resourceeconomics point of view. In particular, the lack of sensitivity in the optimal harvest trigger to biomass uncertainty is questionable. This reply begins with a general overview of resource-economic principles and the role of real options in them. A specific reply to each point raised in The Comment will then be addressed.
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Vol. 24 • No. 1