Classical Turnpike Theory and the Economics of Forestry
AbstractClassical 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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Bibliographic InfoPaper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 397.
Date of creation: 2009
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Other versions of this item:
- Khan, M. Ali & Piazza, Adriana, 2011. "Classical turnpike theory and the economics of forestry," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 79(3), pages 194-210, August.
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