On the faustmann solution to the forest management problem
研究未来效用无贴现时森林管理问题的最优解，发现效用函数线性时福斯特曼周期解最优，严格凹时最优解收敛于最大持续产量（黄金法则），为林业经济学中关于最优政策的争论提供可能解答。
This paper is concerned with optimal solutions to the forest management problem when future utilities are undiscounted. By examining asymptotic properties of such solutions, we find that (i) if the utility function is linear, then the Faustmann periodic solution is optimal; (ii) if the utility function is increasing and strictly concave, an optimal solution converges to the maximum sustained yield solution, which we characterize as a golden rule. These results may be viewed as a possible resolution to the debate in forestry economics about what constitutes an optimal policy in forest management.