Planning timber production with evolving prices and costs.
1983
McConnell K.E. | Daberkow J.N. | Hardie I.W.
Extract: This paper develops a model for determining the approximately optimal age at harvest when prices and costs vary exogenously. Our results are "approximately" optimal because optimality is contingent on the number of rotations, which is determined iteratively. The model characterizes the economic decisions of a timberland owner who maximizes the present discounted net revenue from a single site when timber prices and costs move exogenously. This model allows the optimal harvest length to vary over time.
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