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.

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Year of publication:	2007-01
Authors:	Matheson, Victor
Institutions:	Department of Economics and Accounting, College of the Holy Cross
Subject:	forestry \| dynamic programing \| tree cutting problem

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Published in Applied Economics Letters, Vol. 16:10, July 2009, 1079-1081. Number 0701 9 pages
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; G31 - Capital Budgeting; Investment Policy ; Q23 - Forestry
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005004175