Data/hora: 16/06/2024 11:00:12

Provedor de dados: 	Research in Agricultural & Applied Economics (AgEcon Searh)	
País: 	United States	
Título: 	Economic Hysteresis in Variety Selection	
Autores: 	Richards,   Timothy J.; Green,   Gareth P.	
Data: 	2008-06-19	
Ano: 	2003	
Palavras-chave: 	California; Grapes; Hysteresis; Investment; Jump diffusion; Real options; Variety adoption; Wine; Q14; Q11; D92; C34.	
Resumo: 	Investing in a new perennial crop variety involves an irreversible commitment of capital and generates an uncertain return stream.  As a result, the decision to adopt a new variety includes a significant real option value.  Waiting for returns to rise above this real option causes a delay in adoption because of economic hysteresis.  This study tests for hysteresis in the adoption of wine grape varieties using a sample of district-level data from the state of California.  The empirical results show a significant hysteretic effect in wine grape investment, which might be reduced by activities that smooth earnings over time.	
Tipo: 	Journal Article	
Idioma: 	Inglês	
Identificador: 	http://purl.umn.edu/37310	
Relação: 	Journal of Agricultural and Applied Economics&gt;Volume 35, Number 01, April 2003	
Formato: 	14