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On The Optimal Depletion Of Old-Growth Forests And The Preservation Of Wilderness

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  • Graham-Tomasi, Theodore

Abstract

The problem of optimal depletion of old-growth forests and establishment of plantations is explored. The old-growth has value for the timber products it contains and the wilderness services it provides if left unharvested. The optimal amount of wilderness preserved in the steady-state is characterized and found to increase with increased interest rates and decreased cost of production. The wilderness preserve is largest when silvicultural effort is utilized optimally in plantations. The problem of small initial stock sizes is investigated.

Suggested Citation

  • Graham-Tomasi, Theodore, 1984. "On The Optimal Depletion Of Old-Growth Forests And The Preservation Of Wilderness," Staff Papers 13405, University of Minnesota, Department of Applied Economics.
    • Handle: RePEc:ags:umaesp:13405
    DOI: 10.22004/ag.econ.13405
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    References listed on IDEAS

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    1. Richard C. Bishop, 1982. "Option Value: An Exposition and Extension," Land Economics, University of Wisconsin Press, vol. 58(1), pages 1-15.
    2. Berck, Peter, 1981. "Optimal management of renewable resources with growing demand and stock externalities," Journal of Environmental Economics and Management, Elsevier, vol. 8(2), pages 105-117, June.
    3. Kenneth J. Arrow & Anthony C. Fisher, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 88(2), pages 312-319.
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