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

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  • Victor Matheson

    ()
    (Department of Economics, College of the Holy Cross)

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.

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File URL: http://college.holycross.edu/RePEc/hcx/Matheson_TreeCutting.pdf
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Bibliographic Info

Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0701.

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Length: 9 pages
Date of creation: Jan 2007
Date of revision:
Publication status: Published in Applied Economics Letters, Vol. 16:10, July 2009, 1079-1081.
Handle: RePEc:hcx:wpaper:0701

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Phone: (508)793-3362
Fax: (508) 793-3708
Web page: http://www.holycross.edu/departments/economics/website/
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Keywords: forestry; dynamic programing; tree cutting problem;

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Cited by:
  1. Thang, Tran Cong & Burton, Michael P. & Brennan, Donna C., 2009. "Optimal replanting and cutting rule for coffee farmers in Vietnam," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47638, Australian Agricultural and Resource Economics Society.

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