ON THE OPTIMAL DEPLETION OF OLD-GROWTH FORESTS AND THE PRESERVATION OF WILDERNESS
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The problem of optimal depletion of old-growth forests and establishment of plantations is explored. The old-growth has value for the timber products it contains and the wilderness services it provides if left unharvested. The optimal amount of wilderness preserved in the steady-state is characterized and found to increase with increased interest rates and decreased cost of production. The wilderness preserve is largest when silvicultural effort is utilized optimally in plantations. The problem of small initial stock sizes is investigated.