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| - The Harvesting Decisions When a Standing Forest with Multiple Age-Classes Has Value
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| Abstract
| - A solution is demonstrated to an infinite-horizon, discrete-time utility model describing the consumption and cutting behavior of a nonindustrial private landowner who is managing a multiple age-class forest and who values both consumption derived from harvesting the trees and amenity derived from the standing trees. A policy rule is derived to attain a normal forest from any initial age-class distribution. It is demonstrated that a noncyclical forest allowing a constant periodic harvest is typically not a normal forest. Therefore, an even-flow timber harvesting is not tied to the existence of a normal forest structure.
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