If forests are managed at least partly for wood, then there are theoretical bounds on the relationship between stand age and distances to mills, at least under certain conditions. In our most general model, the harvest timing decision is found by maximizing the land value with respect to the harvest age (T) and input quantities (L), given the discount rate and input and output prices. Inputs are those associated with harvesting, transport, and management. In this specification the harvest decision is also a stand age-dependent function of non-timber utility derived from the forest.
