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Control Theory and the Optimum Timber Rotation

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The paper generalizes the optimal control approach to the timber management problem to include the opportunity cost of forested land. The generalized steady-state control solution is shown to be identical to the Faustmann rotation model, lending support to the latter as appropriate not only to private timber management decisions but also appropriate to public policy where the goal of the planner is the maximization of discounted social welfare from timber production over an infinite planning horizon. Forest Sci. 22:242-246.
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Keywords: Capital theory; Hamiltonian function; net present value; replenishable resource

Document Type: Journal Article

Affiliations: Economics Department, Lakehead University, Thunder Bay, Ontario P7B 5E1

Publication date: 1976-09-01

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  • Important Notice: SAF's journals are now published through partnership with the Oxford University Press. Access to archived material will be available here on the Ingenta website until March 31, 2018. For new material, please access the journals via OUP's website. Note that access via Ingenta will be permanently discontinued after March 31, 2018. Members requiring support to access SAF's journals via OUP's site should contact SAF's membership department for assistance.

    Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2016 Impact Factor: 1.782 (Rank 17/64 in forestry)

    Average time from submission to first decision: 62.5 days*
    June 1, 2016 to Feb. 28, 2017

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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