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Title: A comparison of dynamic and static economic models of uneven-aged stand management
Author: Haight, Robert G.
Source: Forest Science 31(4):957-974
Publication Series: Scientific Journal (JRNL)
Description: Numerical techniques have been used to compute the discrete-time sequence of residual diameter distributions that maximize the present net worth (PNW) of harvestable volume from an uneven-aged stand. Results contradicted optimal steady-state diameter distributions determined with static analysis. In this paper, optimality conditions for solutions to dynamic and static harvesting problems are established. Comparison of these conditions shows that for a stand with any diameter distribution: (1) the optimal transition regime does not converge to the steady state that maximizes land expectation value (LEV) using the Faustmann equation; (2) the PNW of the optimal transition and steady-state regime is greater than the PNW of the statically determined steady-state regime; and (3) the optimal steady-state regime is invariant. A refined version of a recently published dynamic optimization algorithm is provided and demonstrated with a whole-stand/diameter-class simulator for hardwood stands in Wisconsin. Optimal management regimes are computed for comparison with a static equilibrium management regime and for analysis of the effect of cutting-cycle length on harvest pattern and PNW.
Keywords: Forest economics, optimal harvesting, nonlinear programming, gradient method
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Haight, Robert G. 1985. A comparison of dynamic and static economic models of uneven-aged stand management. Forest Science 31(4):957-974
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