Multiple Use Values and Convergence of Optimal Harvesting Policies

Terry Heaps ()
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Terry Heaps: Simon Fraser University, http://www.sfu.ca/~heaps/

Discussion Papers from Department of Economics, Simon Fraser University

Abstract: Heaps (1995) developed a multiple use forestry maximum principle to describe the optimal harvesting of uneven aged forests when both wood values and nontimber values are considered. He identifies the optimal steady state age distributions (as normal forests) but was unable to show that optimal harvesting policies generate age class distributions that converge to such steady states. Now Heaps (2015) has a rigorous proof of this convergence result when only wood values are considered. This paper extends this proof to incorporate nontimber values as well. It also clariÖes the assumptions that need to be made to get the convergence result.

Keywords: multiple use forestry; multiple age classes; optimal harvesting; convergence (search for similar items in EconPapers)
JEL-codes: C61 Q23 (search for similar items in EconPapers)
Pages: 32
Date: 2016-07-27
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