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In the last 5 years, there has been extensive work on the existence and characterization of solutions of undiscounted optimal programs in simple discrete-time models of the ‘choice of technique’ in development planning and of lumber extraction in the economics of forestry. In this expository essay, we present a unified treatment of the characterization results in two of these models. Furthermore,...
We present a substantive and far-reaching generalization of the principal results in the economics of forestry, as formalized by Mitra and Wan (1986). Rather than a polarized dichotomy of linear and strictly concave, differentiable benefit (felicity) functions, we develop the theory in the context of functions that are supported at the golden-rule consumption and are not necessarily concave. Through...
We show that in the 2-sector RSS model, there is no optimal program for any initial stock when the felicity function is linear and the marginal rate ξ equals unity. This settles a conjecture, unresolved since 2005.
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