Fabbri, Giorgio; Faggian, Silvia; Freni, Giuseppe - In: Journal of Economic Theory 157 (2015) C, pp. 1001-1040
The paper provides a continuous-time version of the discrete-time Mitra–Wan model of optimal forest management, where trees are harvested to maximize the utility of timber flow over an infinite time horizon. The available trees and the other parameters of the problem vary continuously with...