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Revisiting the Mitra-Wan Tree Farm

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  • Wan, Henry, Jr

Abstract

The tree-farm model of T. Mitra and H. Wan (1985) contains novelties: a continuum of optimal cycles appear for small discounting and the cyclicality survives perturbations. To isolate the source of novelties, the author studies the simplest case: trees live naturally for two periods. This model specializes the general theory of multisector development under four conditions. It becomes a Ramsey type model, augmented by a cross-vintage constraint: the present acreage under trees, age n, must not be less than the acreage under trees age n + 1, one period hence. Novelties emerge when this constraint bounds the graph of the state-to-control correspondence. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Wan, Henry, Jr, 1994. "Revisiting the Mitra-Wan Tree Farm," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(1), pages 193-198, February.
    • Handle: RePEc:ier:iecrev:v:35:y:1994:i:1:p:193-98
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    Cited by:

    1. Fabbri, Giorgio & Faggian, Silvia & Freni, Giuseppe, 2015. "On the Mitra–Wan forest management problem in continuous time," Journal of Economic Theory, Elsevier, vol. 157(C), pages 1001-1040.
    2. Ken-Ichi Akao, 2011. "Optimum forest program when the carbon sequestration service of a forest has value," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 13(4), pages 323-343, December.
    3. Jussi Lintunen & Jussi Uusivuori, 2014. "On The Economics of Forest Carbon: Renewable and Carbon Neutral But Not Emission Free," Working Papers 2014.13, Fondazione Eni Enrico Mattei.
    4. Bradley Franklin & Keith C. Knapp & Kurt A. Schwabe, 2017. "A Dynamic Regional Model of Irrigated Perennial Crop Production," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 3(01), pages 1-30, January.
    5. Khazri, Olfa & Lasserre, Pierre, 2011. "Forest management: Are double or mixed rotations preferable to clear cutting?," Resource and Energy Economics, Elsevier, vol. 33(1), pages 155-171, January.
    6. Xabadia, Angels & Goetz, Renan U., 2010. "The optimal selective logging regime and the Faustmann formula," Journal of Forest Economics, Elsevier, vol. 16(1), pages 63-82, January.
    7. Kuusela, Olli-Pekka & Lintunen, Jussi, 2020. "Modeling market-level effects of disturbance risks in age structured forests," Forest Policy and Economics, Elsevier, vol. 118(C).
    8. Örjan FURTENBACK, 2009. "Towards a Functional Ecol-Econ CGE Model with a Forest as Biomass Capital," EcoMod2009 21500034, EcoMod.
    9. Lintunen, Jussi & Uusivuori, Jussi, 2016. "On the economics of forests and climate change: Deriving optimal policies," Journal of Forest Economics, Elsevier, vol. 24(C), pages 130-156.
    10. Khan, M. Ali, 2016. "On a forest as a commodity and on commodification in the discipline of forestry," Forest Policy and Economics, Elsevier, vol. 72(C), pages 7-17.
    11. Moriguchi, Kai & Ueki, Tatsuhito & Saito, Masashi, 2020. "Establishing optimal forest harvesting regulation with continuous approximation," Operations Research Perspectives, Elsevier, vol. 7(C).
    12. Piazza, Adriana & Roy, Santanu, 2015. "Deforestation and optimal management," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 15-27.

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