On the Mitra–Wan forestry model: A unified analysis
AbstractWe present a substantive and far-reaching generalization of the principal results in the economics of forestry, as formalized by Mitra and Wan (1986). Rather than a polarized dichotomy of linear and strictly concave, differentiable benefit (felicity) functions, we develop the theory in the context of functions that are supported at the golden-rule consumption and are not necessarily concave. Through a non-interiority condition on the set of zeroes of a resulting “discrepancy function,” we show the equivalence of finitely-maximal, maximal, minimal value-loss and optimal programs, and thereby answer questions left open by Brock and Mitra. Our synthesizing criterion is new to the capital theory literature, and in the concave setting, proves to be necessary and sufficient for the asymptotic convergence of good programs.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 147 (2012)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/inca/622869
Forest management; Good programs; Finitely-maximal programs; Maximal programs; Optimal programs; Value-loss; Discrepancy function; Non-interiority; Asymptotic convergence;
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
- Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
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