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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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Author Info
Victor Matheson () (Department of Economics, College of the Holy Cross)

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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://www.holycross.edu/departments/economics/RePEc/Matheson_TreeCutting.pdf
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Publisher 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
Handle: RePEc:hcx:wpaper:0701

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

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Investment Policy
Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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  1. Thang, Tran Cong & Burton, Michael & Brennan, Donna, 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. [Downloadable!]
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This page was last updated on 2009-6-22.

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