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Multiple Use Values and Convergence of Optimal Harvesting Policies

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Abstract

Heaps (1995) developed a multiple use forestry maximum principle to describe the optimal harvesting of uneven aged forests when both wood values and nontimber values are considered. He identifies the optimal steady state age distributions (as normal forests) but was unable to show that optimal harvesting policies generate age class distributions that converge to such steady states. Now Heaps (2015) has a rigorous proof of this convergence result when only wood values are considered. This paper extends this proof to incorporate nontimber values as well. It also clariÖes the assumptions that need to be made to get the convergence result.

Suggested Citation

  • Terry Heaps, 2016. "Multiple Use Values and Convergence of Optimal Harvesting Policies," Discussion Papers dp16-09, Department of Economics, Simon Fraser University.
  • Handle: RePEc:sfu:sfudps:dp16-09
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    Keywords

    multiple use forestry; multiple age classes; optimal harvesting; convergence;

    JEL classification:

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

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