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| Registros recuperados: 54 | |
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| Chavas, Jean-Paul. |
| This paper explores the economics of input decision by a firm facing production uncertainty. It relies on a state-contingent approach to production uncertainty. First, the paper develops a methodology to specify and estimate cost-minimizing input decisions under a state-contingent technology. Second, the analysis is applied to time series data on US agriculture. It finds strong empirical evidence that, in the analysis of input choices, expected output alone does not provide an appropriate representation of production uncertainty. The results provide empirical support for an output-cubical technology. This indicates that an ex post analysis of stochastic technology (as commonly found in previous research) appears appropriate. The analysis also provides... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Production uncertainty; State contingent; Cost; Cubical technology.; Research Methods/ Statistical Methods; C3; D21; D8. |
| Ano: 2006 |
URL: http://purl.umn.edu/21081 |
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| Mason, Charles F.. |
| Persistent and significant privately-held stockpiles of crude oil have long been an important empirical regularity in the United States. Such stockpiles would not rationally be held in a traditional Hotelling-style model. How then can the existence of these inventories be explained? In the presence of sufficiently stochastic prices, oil extracting firms have an incentive to hold inventories to smooth production over time. An alternative explanation is related to a speculative motive - firms hold stockpiles intending to cash in on periods of particularly high prices. I argue that empirical evidence supports the former but not the latter explanation. |
| Tipo: Working Paper |
Palavras-chave: Petroleum Economics; Stochastic Dynamic Optimization; Resource /Energy Economics and Policy; Q2; D8; L15. |
| Ano: 2011 |
URL: http://purl.umn.edu/120051 |
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| Miyata, Sachiko; Sawada, Yasuyuki. |
| This study examines the factors that influenced poor Indonesian farmers to invest in floating net aquaculture after being relocated due to a reservoir construction project. To compare three primary decision factors, credit accessibility, risk attitudes, and social learning, (i.e., learning effects from others experience), we analyze 16 years of socio-economic retrospective data collected in the field interviews exclusively for this study. Our analysis reveals that credit accessibility and risk attitudes are the most important factors that influence the rate of aquaculture investment. Social learning as well as household education also influences the investment decision significantly. Our results suggest that developmen t projects that involve voluntary... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Household investment decision; Credit constraints; Risk attitudes; Social learning; Panel data; Farm Management; D1; D8; D12; Q22. |
| Ano: 2006 |
URL: http://purl.umn.edu/25669 |
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| Laurent, Catherine E.; Trouve, Aurelie. |
| Evidence-based or evidence-aware policy approaches are used in many different sectors (health, education, etc.). These approaches are less common in agriculture but are gradually emerging. Analysis of debates surrounding this trend sheds light on the particular nature of the difficulties faced by public decision-makers who are willing to use available scientific knowledge. After examining certain misunderstandings which arise in the international debate over evidence-based policy approaches, this paper addresses two specific issues: (i) the problems of competing evidence for using knowledge in the design of public policies and (ii) the potential role of rationalization tools in a possible "depoliticisation" of public decision-making. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Knowledge; Agriculture; Policy; Evidence; Agricultural and Food Policy; B29; D8; Q01; O3. |
| Ano: 2011 |
URL: http://purl.umn.edu/99833 |
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| Good, Darrel L.; Irwin, Scott H.; Jackson, Thomas E.. |
| The purpose of this research report is to identify the appropriate market benchmark price to use to evaluate the pricing performance of market advisory services that are included in the annual AgMAS pricing performance evaluations. Five desirable properties of market benchmark prices are identified. Three potential specifications of the market benchmark price are considered: the average price received by Illinois farmers, the harvest cash price, and the average cash price over a two-year crop marketing window. The average cash price meets all of the desired properties, except that it would not be easily implementable by producers. It can be shown, though, that the price realized via a more manageable strategy of "spreading" sales during the marketing... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Advisory services; Evaluating the pricing performance; Market benchmark price; C8; C0; D4; D8; L1; M3; Q0; Z0; Marketing. |
| Ano: 1998 |
URL: http://purl.umn.edu/14783 |
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| Di Corato, Luca. |
| A government bargains a mutually convenient agreement with a multinational corporation to extract a natural resource. The corporation bears the initial investment and earns as a return a share on the profits. The host country provides access and guarantee conditions of operation. Being the investment totally sunk, the corporation must account in its plan not only for uncertainty on market conditions but also for the threat of nationalization. In a real options framework where the government holds an American call option on nationalization we show under which conditions a Nash bargaining is feasible and leads to attain a cooperative agreement maximizing the joint venture surplus. We find that the threat of nationalization does not affect the investment time... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Real Options; Nash Bargaining; Expropriation; Natural Resources; Foreign Direct Investment; Financial Economics; C7; D8; K3; F2; O1. |
| Ano: 2010 |
URL: http://purl.umn.edu/59378 |
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| Lybbert, Travis J.. |
| Potential poverty traps among the rural poor suggest a need to reduce poor farmers' vulnerability by stabilizing crop yields and limiting yield losses. Advances in agricultural biotechnology enable breeders to address this need more directly than ever before with crops that reduce production risk by tolerating climate fluctuation or resisting biotic stresses. Will poor farmers who could benefit most from less vulnerability choose to purchase such risk-reducing seeds? I use data from a household survey and experiment involving farmers in India to infer their valuation of changes in the mean, variance, and skewness of yield distributions. I conclude that these farmers value increases in expected yield in the yield distribution but seem indifferent about... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Poverty; Risk; Biotechnology; Experimental Economics; Farm Management; C9; D8; O1; Q1. |
| Ano: 2005 |
URL: http://purl.umn.edu/19160 |
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| Gans, Will; Alberini, Anna; Longo, Alberto. |
| Using a unique set of data and exploiting a large-scale natural experiment, we estimate the effect of real-time usage information on residential electricity consumption in Northern Ireland. Starting in April 2002, the utility replaced prepayment meters with “smart” meters that allow the consumer to track usage in real-time. We rely on this event, account for the endogeneity of price and plan with consumption through a plan selection correction term, and find that the provision of information is associated with a decline in electricity consumption of up to 20%. We find that the reduction is robust to different specifications, selection-bias correction methods and subsamples of the original data. At £15-17 per tonne of CO2e (2009£), the smart meter program... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Residential Energy; Electricity Demand; Feedback; Smart Meter; Information; Resource /Energy Economics and Policy; Q40; Q41; D8. |
| Ano: 2011 |
URL: http://purl.umn.edu/108202 |
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| Skees, Jerry R.; Barnett, Barry J.; Hartell, Jason G.. |
| Markets for transferring catastrophic risk in agriculture are woefully lacking in developing countries. Even in developed countries, markets for transferring the risk of crop losses caused by natural hazards generally exist only with large government subsidies. However, such subsidies can be expensive, inefficient, and have detrimental implications that make future catastrophes even worse. In developing countries fiscal constraints limit the degree to which governments can subsidize markets for agricultural risk-sharing. Nonetheless, there are specific things governments can do to facilitate the development of these markets. This paper addresses the role of government in agricultural risk-sharing for natural disasters that impact crop yields or livestock... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural and Food Policy; Risk and Uncertainty; D8; H5; Q14; Q18; Q54. |
| Ano: 2006 |
URL: http://purl.umn.edu/25548 |
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| Fischer, Carolyn. |
| Project-based mechanisms for emissions reductions credits, like the Clean Development Mechanism, pose important challenges for policy design because of several inherent characteristics. Participation is voluntary. Evaluating reductions requires assigning a baseline for a counterfactual that cannot be measured. Some investments have both economic and environmental benefits and might occur anyway. Uncertainty surrounds both emissions and investment returns. Parties to the project are likely to have more information than the certifying authority. The certifying agent is limited in its ability to design a contract that would reveal investment intentions. As a result, rules for baseline determination may be systematically biased to overallocate, and they also... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Climate policy; Clean Development Mechanism; Baseline emissions; Asymmetric information; Environmental Economics and Policy; D8; Q4. |
| Ano: 2002 |
URL: http://purl.umn.edu/10520 |
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| Karlan, Dean S.. |
| Questions remain as to whether results from experimental economics games are generalizable to real decisions in non-laboratory settings. Furthermore, important questions persist about whether social capital can help solve seemingly missing credit markets. I conduct two experiments, a Trust game and a Public Goods game, and a survey to measure social capital. I then examine whether behavior in the games predicts repayment of loans to a Peruvian group lending microfinance program. Since the structure of these loans relies heavily on social capital to enforce repayment, this is a relevant and important test of the games, as well as of other measures of social capital. I find that individuals identified as "trustworthy" by the Trust game are in fact less... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Trust game; Experimental economics; Microfinance; Institutional and Behavioral Economics; B4; C9; D8; O1. |
| Ano: 2005 |
URL: http://purl.umn.edu/28429 |
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| Registros recuperados: 54 | |
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