solve Faustmann’s problem when the land manager plans to switch from the
current tree species to some alternative species or land use. Such situations
occur when the relative value of the alternative increases faster than the
value of the species currently in place. The paper characterizes the land value
function and the optimum rotations, highlighting the differences between this
non-autonomous problem and the traditional Faustmann’s problem. We show in
particular that rotations can be either higher and increasing, or lower and
decreasing, compared to the traditional, constant, Faustmann’s rotation.