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Control Theory and the Optimum Timber Rotation

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Abstract:

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.

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: September 1, 1976

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