Renewable Resources with Endogenous Age Classes and Allocation of Land
研究土地在林业和农业之间的最优配置，发现若全部土地用于林业，长期稳态呈周期性波动；若部分土地转出林业，周期消失；当土地转换有成本时，周期持续且存在连续均衡。
It is shown that if it is optimal to allocate all land to forestry, the long‐run stationary state is a cyclical solution around an equilibrium with an even timber flow. The equilibrium cycles vanish when it is optimal to allocate some fraction of land outside forestry. We present numerical examples on the transitional dynamics and long‐ and short‐run timber supply. When land conversion is costly, the cycles do not vanish and the long‐run equilibrium between forestry and agriculture is represented by a continuum.