forest - stock. c. Growth occurs over long time periods and...

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Notes on fisheries and forest economics: 1. Basically, the economics of forest and fisheries resources are very similar in terms of the dynamic management since both of them are renewable resources. 2. Differences between the economics of a forest and a fishery resource are as follows: a. The management of forestry is to determine “when to cut down trees” rather than “how much”. b. The forestry problem generally solves for the optimal time to harvest the entire stock, and the solution gives the optimal length of each rotation of
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Unformatted text preview: stock. c. Growth occurs over long time periods and can be measured. Thus, the growth function should have a dimension of time. In the forestry problem, the growth function is a function of time rather than a function of stock. Thus, the growth function in Part 1 in HW4 is not appropriate. You may regard this as a problem of fishery rather than forest. But the rules to find maximum carry capacity and maximum sustainable yield are right....
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This note was uploaded on 08/01/2008 for the course ECON 101 taught by Professor Wood during the Spring '07 term at University of California, Berkeley.

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