On uniform convergence of undiscounted optimal programs in the Mitra–Wan forestry model: The strictly concave case |
| |
| Authors: | M. Ali Khan Adriana Piazza |
| |
| Affiliation: | Department of Economics, Johns Hopkins University, Baltimore, USA and Department of Economics, National University of Singapore, Singapore. Email:;Departamento de Matemática, Universidad Técnica Federico Santa Mariá, Valparaiso, Chile. Email: |
| |
| Abstract: | In this paper, we show that the 1986 Mitra–Wan result establishing asymptotic convergence of maximal programs to the unique golden-rule forest in the case of undiscounted, strictly concave felicity functions can be strengthened, in the same setting, to the uniform asymptotic convergence of optimal programs to the unique golden-rule forest. We work with a notationally reformulated version of the model that may have independent interest. |
| |
| Keywords: | forest management maximal programs optimal programs uniform asymptotic convergence value-loss function von Neumann facet |
|
|
