Stock Adjustment in the Jevons-Wicksell-Cass Capital/Forestry Model
We reformulate Cass's discrete time version of Jevons-Wicksell point-input point-output capital/forestry model in continuous time to unify the economics of fishery and forestry management. Certain assumptions lead to capital-deepening and not widening being observed. Our approach leads to the Jevons-Wicksell formula for "turning over" the forest by a new route.
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