The Evolving Agricultural Marketplace: Selected Results and Implications for the West from the Laboratory

Marketing,

Internalizing Externalities when there are Significant Private Non-Market Rents

Resource /Energy Economics and Policy,

Will Carbon Find a Home on the Range? A Monte Carlo Simulation

Rangeland Carbon Sequestration, Agribusiness, Agricultural and Food Policy, Land Economics/Use,

An Estimation of Benefits Associated with the Wyoming State Snowmobile Trails Program

Resource /Energy Economics and Policy,

The Effects of Scenic and Environmental Amenities on Agricultural Land Values

Ascribing land value solely to productive capacity does not accurately capture the impact environmental amenities provide on western land prices. Agricultural land prices in Wyoming are estimated using a hedonic price model and Geographic Information Sciences (GIS) data. These GIS measurements include on-parcel wildlife and fish habitat, viewscape attributes and distance to protected federal lands. A feasible generalized least squares (FGLS) approach is used to address both spatial autocorrelation and heteroscedasticity. The estimation is robust and highly significant. Results indicate that amenities as well as productivity are significant in explaining land values for the sample analyzed. Such information is useful for landscape management in the face of amenity threatening parcel fragmentation.Environmental Economics and Policy, Land Economics/Use,

Off-Road Vehicle Recreation in the West: Implications of a Wyoming Analysis

Community/Rural/Urban Development, Resource /Energy Economics and Policy,

Out With the Old, In With the New: Are Western Commodity Producers Ready for Buyouts?

Agricultural and Food Policy,

Long Term Comparison of Alternative Range Livestock Management Strategies Across Extended Droughts and Cyclical Prices

Variable precipitation, more importantly drought, impacts profitability for livestock management. Financial outcomes from management decisions related to forage shortages can be exacerbated by price variability. This research examines alternative management strategies to determine the potential profitability and riskiness over a long-term horizon and across various drought event scenarios. Results indicate that late calving can be a promising strategy, but it also can result in higher variability in profits as compared to some of the other strategies analyzed. Retaining ownership of steer calves over the winter, with the option to sell if forage supplies become scarce, outperforms both partial liquidation and summer feeding, and it results in less profit variability than late calving or early weaning.Production Economics, Productivity Analysis,

Helping Russian Students See the Invisible Hand

Teaching/Communication/Extension/Profession,

SUPPLY AND DEMAND RISKS IN LABORATORY FORWARD AND SPOT MARKETS: IMPLICATIONS FOR AGRICULTURE

Laboratory experimental methods are used to investigate the impacts of supply and/or demand risks on prices, quantities traded, and earnings within forward and spot market institutions. Random demand and/or supply shifts can be as much as 25 percent of the expected equilibrium outcome. Nevertheless, results suggest that the spot or forward trading institution itself has a greater influence on market outcomes than the presence of risk within the trading institutions. Sellers tend to have relatively higher earnings in a spot market than buyers, regardless of the risk. Total surplus, however, generally is greater in a forward market.laboratory markets, forward market, spot market, supply and/or demand risks, Demand and Price Analysis, Marketing,