This paper extends the forestry maximum principle of Heaps (1984) to allow the benefits of harvesting to be the utility of the volume of the wood harvested as in Mitra and Wan (1985, 1986). Unlike those authors, however, time is treated as a continuous rather than as a discrete variable....

This paper extends the forestry maximum principle of Heaps (1984) to allow the benefits of harvesting to be the utility of the volume of wood harvested as in Mitra - Wan (1985, 1986). Unlike those authors, however, time is treated as a continuous rather than as a discrete variable. Existence of...