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A Generalization of the Tree Harvesting Paradigm

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  • Rodriguez, Ricardo J

Abstract

The tree harvesting paradigm finds the optimal length of each harvest cycle. Typically, only the extreme cases of one and infinite harvests are considered. The author extends the model in two ways. First, he analyzes an arbitrary number of harvest cycles and shows that the optimal cycle length decreases monotonically with the number of cycles. Second, he relaxes the restrictive assumption requiring the disappearance of positive net present value opportunities as the final cycle is harvested. Instead, he assumes these opportunities disappear after an exogenously fixed horizon. This simple change of assumptions produces solutions that may differ substantially from the traditional solutions. Copyright 1990 by MIT Press.

Suggested Citation

  • Rodriguez, Ricardo J, 1990. "A Generalization of the Tree Harvesting Paradigm," The Financial Review, Eastern Finance Association, vol. 25(3), pages 501-515, August.
  • Handle: RePEc:bla:finrev:v:25:y:1990:i:3:p:501-15
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