Table 3 Annual transition probability matrix between price levels
From: Adaptive economic and ecological forest management under risk
|  | Price t  + 1 | ||
|---|---|---|---|
Low | Medium | High | |
Price t | < $84 · m−3 | [$84 · m−3, $94 · m−3] | > $94 · m−3 |
Low | 0.82 | 0.10 | 0.08 |
Medium | 0.11 | 0.78 | 0.11 |
High | 0.07 | 0.12 | 0.81 |