Alternative Methods of Calculating Optimal Timber Rotations: A Critique of the Stokey/Lucas/Prescott Tree-Cutting Problem

Victor Matheson ()

No 701, Working Papers from College of the Holy Cross, Department of Economics

Abstract: The traditional question of optimally deciding when to cut down a tree is among the most commonly posed questions asked of students learning the technique of dynamic programming. This paper shows that the traditional tree-cutting example is improperly formulated when the question of replanting is addressed, derives the proper method of finding optimal harvest length, and applies this method to an empirical forest growth function.

Keywords: forestry; dynamic programing; tree cutting problem (search for similar items in EconPapers)
JEL-codes: C61 G31 Q23 (search for similar items in EconPapers)
Date: 2007-01
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Published in Applied Economics Letters

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http://www.holycross.edu/departments/economics/RePEc/Matheson_TreeCutting.pdf (application/pdf)

Related works:
Journal Article: Alternative methods of calculating optimal timber rotations: a critique of the Stokey/Lucas/Prescott tree-cutting problem (2009)
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Persistent link: http://EconPapers.repec.org/RePEc:hcx:wpaper:0701

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