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On Optimal Forest Management: A Bifurcation Analysis

Author

Listed:
  • Dasgupta, Swapan

    (Dalhousie University)

  • Mitra, Tapan

    (Cornell University)

Abstract

The paper examines the theory of optimal forest management with a view to describing its transition dynamics. In contrast to the literature's emphasis on long-run behavior of optimally managed forests, we focus on the nature of the optimal policy function, which describes the harvesting and replanting decisions that should be implemented currently, given an inherited forest. Bifurcation analysis is used to examine how the optimal policy function changes in response to variations in the parameters of the forestry model.

Suggested Citation

  • Dasgupta, Swapan & Mitra, Tapan, 2010. "On Optimal Forest Management: A Bifurcation Analysis," Working Papers 10-04, Cornell University, Center for Analytic Economics.
    • Handle: RePEc:ecl:corcae:10-04
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    File URL: https://cae.economics.cornell.edu/10.04.pdf
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    References listed on IDEAS

    as
    1. Tapan Mitra & Henry Y. Wan, 1985. "Some Theoretical Results on the Economics of Forestry," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 52(2), pages 263-282.
    2. Mitra, Tapan & Nishimura, Kazuo, 2001. "Discounting and Long-Run Behavior: Global Bifurcation Analysis of a Family of Dynamical Systems," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 256-293, January.
    3. 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.
    4. McKenzie, Lionel W., 1982. "A primal route to the Turnpike and Liapounov stability," Journal of Economic Theory, Elsevier, vol. 27(1), pages 194-209, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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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. 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.
    3. 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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    More about this item

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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