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| Albers, Heidi J.. |
| This paper discusses the application of a spatial-intertemporal model for tropical forest management to Khao Yai National Park in Thailand. This type of model, especially the spatial components, finds different optimal land allocations than do traditional models at empirically relevant levels of benefits. The spatial analysis here suggests that most of this park can be best used as a preserved area and also provides support for expanding the park into an adjacent unpopulated area. The analysis demonstrates that the park's benefits to regional agriculture and villagers are large enough that preservation can proceed without international support, and that local people, as a group, have incentives to maintain most of the area as preserved land. Although the... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Parks; Protected areas; People-park conflict; Spatial; Biodiversity; Option value; Resource /Energy Economics and Policy; Q2; Q15; O13. |
| Ano: 2001 |
URL: http://purl.umn.edu/10751 |
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| Tzouramani, Irene; Mattas, Konstadinos. |
| Latest developments in investment analysis offer a number of valuable insights into how to evaluate investment opportunities encountering the weaknesses of net present value criterion. More specific, irreversibility, uncertainty and the choice of timing are conditions that net present value does not include but they alter the investment decision in critical way. Employing contingent claims analysis in tangible investments several assumptions made by discount cash flow method are concerned and better assessment results can be derived. In this work, an attempt is made to apply real options methodology in agricultural investments. Many agricultural investors face a growing uncertainty environment with high sunk investments and net present value criterion has... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Real options; Irreversibility; Option value; Agriculture; Investment; Policy; Crop Production/Industries. |
| Ano: 2002 |
URL: http://purl.umn.edu/24835 |
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| Mittenzwei, Klaus. |
| This paper is concerned with the timing of an agricultural policy reform under uncertainty. The focus is on the opportunity cost of giving up the option to wait when implementing a policy reform. Including the option value in applied policy analysis can help explain why conventional analyses may find observed policies to be Pareto-inferior. Furthermore, it explains why otherwise profitable policy reforms may be delayed. The theoretical model is applied to Norwegian agricultural policy anticipating a prospective WTO agreement. It is argued that the option value should be incorporated into applied policy analysis when high uncertainty prevails. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Option value; Policy reform; WTO; Norway; Uncertainty; International Relations/Trade; C61; D78. |
| Ano: 2002 |
URL: http://purl.umn.edu/24875 |
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