|
|
|
|
| |
|
|
| Hansen, Kristiana; Howitt, Richard E.; Williams, Jeffrey C.. |
| In California, the tremendous spatial and temporal variation in precipitation suggests that flexible contractual arrangements, such as option contracts, would increase allocative efficiency of water over time and space. Under such arrangements, a water agency pays an option premium for the right to purchase water at some point in the future, if water conditions turn out to be dry. The premium represents the value of the flexibility gained by the buyer from postponing its decision whether to purchase water. In California, the seller of existing option arrangements is often an agricultural producer who can fallow land, in the event that a water option is exercised. In this simulation-optimization approach, we seek to determine the value of transferring... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2006 |
URL: http://purl.umn.edu/21218 |
| |
|
| |
|
| |
|
|
| Cobourn, Kelly M.; Goodhue, Rachael E.; Williams, Jeffrey C.; Zalom, Frank. |
| Estimating the economic impact of a pest requires linking biological and economic systems via a damage function. The most common damage function approach links exogenous pest populations to cumulative commodity yield losses at harvest. This type of representation is a reduced form because is not pest population levels per se that drive damage, but the underlying factors that affect pest populations and the susceptibility of the host. We specify and estimate a structural damage function and compare the results with those of the reduced form. We do so using two alternative models, one that explains the level of crop damage from a pest, and one that explains the timing of that damage during the host’s growing season. We address our objectives within an... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop Production/Industries. |
| Ano: 2008 |
URL: http://purl.umn.edu/6530 |
| |
|
|
| Uria, Rocio; Williams, Jeffrey C.. |
| Do natural gas storage decisions in California respond to futures price spreads? Daily data about flows into and out of storage facilities in California over 2001-2005 and daily price spreads are used to investigate whether the net injection profile is consistent with the "supply-of-storage" curve deduced by Working for wheat. Storage decisions in California do seem to be influenced by intertemporal signals on NYMEX, but the magnitude of the effect is small. Strong seasonal and weekly cycles determine the net injection profile to a considerable extent. Regulatory requirements and operational constraints also limit the size of the response to intertemporal arbitrage opportunities. Results are surprisingly sensitive to the level of aggregation considered. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 2005 |
URL: http://purl.umn.edu/19288 |
| |
|
|
|
