Alternative Methods of Calculating Optimal Timber Rotations: A Critique of the Stokey/Lucas/Prescott Tree-Cutting Problem
The traditional question of optimally deciding when to cut down a tree is among the most commonly posed questions asked of students learning the technique of dynamic programming. This paper shows that the traditional tree-cutting example is improperly formulated when the question of replanting is addressed, derives the proper method of finding optimal harvest length, and applies this method to an empirical forest growth function.
|Date of creation:||Jan 2007|
|Date of revision:|
|Publication status:||Published in Applied Economics Letters, Vol. 16:10, July 2009, 1079-1081.|
|Contact details of provider:|| Phone: (508)793-3362|
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Web page: http://www.holycross.edu/departments/economics/website/
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