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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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    References listed on IDEAS

    as
    1. Heaps, Terry, 2015. "Convergence of optimal harvesting policies to a normal forest," Journal of Economic Dynamics and Control, Elsevier, vol. 54(C), pages 74-85.
    2. Heaps, Terry, 1984. "The forestry maximum principle," Journal of Economic Dynamics and Control, Elsevier, vol. 7(2), pages 131-151, May.
    3. Jussi Uusivuori & Jari Kuuluvainen, 2005. "The Harvesting Decisions When a Standing Forest with Multiple Age-Classes Has Value," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(1), pages 61-76.
    4. Olli Tahvonen, 2004. "Optimal Harvesting Of Forest Age Classes: A Survey Of Some Recent Results," Mathematical Population Studies, Taylor & Francis Journals, vol. 11(3-4), pages 205-232.
    5. Hartman, Richard, 1976. "The Harvesting Decision When a Standing Forest Has Value," Economic Inquiry, Western Economic Association International, vol. 14(1), pages 52-58, March.
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    More about this item

    Keywords

    multiple use forestry; multiple age classes; optimal harvesting; convergence;
    All these keywords.

    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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