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Classical Turnpike Theory and the Economics of Forestry

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Classical turnpike theory, as originally conceived by Samuelson, pertains to optimal growth theory over a large but infinite time horizon with given initial and terminal stocks. In this paper, we present two turnpike results in the context of the economics of forestry with given initial and terminal forest configurations. Our results depart from the general theory in that they pertain to a transitional production set which does not satisfy the assumptions of inaction and free disposal, and rely on a recently-discovered non-interiority assumption on concave (not necessarily differentiable) benefit functions that implies, and is implied by, the asymptotic convergence of good programs.

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Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 397.

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Date of creation: 2009
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Handle: RePEc:qld:uq2004:397

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  1. Mitra, Tapan & Wan, Henry Y, Jr, 1985. "Some Theoretical Results on the Economics of Forestry," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 52(2), pages 263-82, April.
  2. Salo, Seppo & Tahvonen, Olli, 2003. "On the economics of forest vintages," Journal of Economic Dynamics and Control, Elsevier, vol. 27(8), pages 1411-1435, June.
  3. Salo, Seppo & Tahvonen, Olli, 2002. "On Equilibrium Cycles and Normal Forests in Optimal Harvesting of Tree Vintages," Journal of Environmental Economics and Management, Elsevier, vol. 44(1), pages 1-22, July.
  4. McKenzie, Lionel W, 1976. "Turnpike Theory," Econometrica, Econometric Society, Econometric Society, vol. 44(5), pages 841-65, September.
  5. Mitra, Tapan, 2004. "Intergenerational Equity and the Forest Management Problem," Working Papers 04-17, Cornell University, Center for Analytic Economics.
  6. Majumdar, Mukul & Mitra, Tapan, 1994. "Periodic and Chaotic Programs of Optimal Intertemporal Allocation in an Aggregative Model with Wealth Effects," Economic Theory, Springer, vol. 4(5), pages 649-76, August.
  7. Samuelson, Paul A, 1976. "Economics of Forestry in an Evolving Society," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 14(4), pages 466-92, December.
  8. M. Khan & Alexander Zaslavski, 2010. "On locally optimal programs in the Robinson–Solow–Srinivasan model," Journal of Economics, Springer, vol. 99(1), pages 65-92, February.
  9. M. Ali Khan & Adriana Piazza, 2010. "On uniform convergence of undiscounted optimal programs in the Mitra-Wan forestry model: The strictly concave case," International Journal of Economic Theory, The International Society for Economic Theory, vol. 6(1), pages 57-76.
  10. Mitra, Tapan & Wan, Henry Jr., 1986. "On the faustmann solution to the forest management problem," Journal of Economic Theory, Elsevier, vol. 40(2), pages 229-249, December.
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