Data/hora: 01/06/2024 03:33:30

Provedor de dados: | 31
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