THE MITRA‐WAN FORESTRY MODEL: A DISCRETE‐TIME OPTIMAL CONTROL PROBLEM

In this paper, we present some new properties of the Mitra‐Wan forestry model written as a discrete‐time optimal control problem. For this problem, the set of stationary states is characterized. For the optimal long‐run management, we consider the following optimality criteria: average optimality, good control policies, bias optimality, and overtaking optimality. We establish relationships between these criteria and show that the value of average optimal policies is constant and equals the value in the optimal stationary state.