Endogenizing the Reservation Value in Models of Land Development Over Time and Under Uncertainty

The notion of a reservation value is a key feature of most contemporary dynamic and stochastic models of land development. It is clear that the magnitude of the reservation value has a fundamental bearing on the decision to develop or preserve land. This notwithstanding, many papers that analyze land development in a dynamic and stochastic setting treat a landowner’s reservation value as an exogenous variable. Therefore, the purpose of this paper is to endogenize the reservation value in the context of a model of land development over time and under uncertainty. Our analysis shows that the optimal reservation value is the solution to a specific maximization problem. In addition, we also show that there exist theoretical circumstances in which the optimal reservation value is unique.

Adjustment Costs of Trade Liberalization: Dairy and Meat Industries in Utah

The United States is an efficient and low-cost agricultural producer demonstrated by huge domestic agricultural surpluses and exports. This is a partial reason however for the crisis now facing American agriculture: we can produce more agricultural products than can be sold at prices which provide a reasonable profit (Johnson). While the problem is quite clear, the solution is not

AN ECONOMIC INTERPRETATION OF IMPACT OF PHENOLOGICALLY TIMED IRRIGATION ON CORN YIELD

An economic production function was derived in an analysis of water application to corn by phonological time periods. The quantities of use of water by growth periods as delineated by physical stages were tested for influence on final output of dry matter and grain. Several yearsÂ’ data for three locations were utilized. The results tend to confirm the conceptual models and previous work in this type of analysis. Certain periods of growth were more critical than others.Crop Production/Industries,

A DYNAMIC AND STOCHASTIC PERSPECTIVE ON THE ROLE OF TIME IN RANGE MANAGEMENT

This chapter uses a new ecological-economic approach to analyze the role of time in range management in a dynamic and stochastic setting. We first construct a theoretical model of a parcel of rangeland in which time restrictions are used to manage the land. We then show how the dynamic and the stochastic properties of this rangeland can be used to construct two managerial objectives that are ecologically and economically meaningful. Finally, using these two objectives, we discuss an approach to range management in which the manager has two interrelated goals. This manager maximizes the profits from range operations and (s)he also takes steps to move the rangeland away from the least desirable state of existence.Land Economics/Use, Research Methods/ Statistical Methods,

ON THE CHOICE BETWEEN THE STOCKING RATE AND TIME IN RANGE MANAGEMENT

A long standing question in range management concerns the relative importance of the stocking rate versus the length of time during which animals graze a particular rangeland. We address this question by analyzing the problem faced by a private rancher who wishes to minimize the long run expected net unit cost (LRENC) from range operations by choosing either the stocking rate or the length of time during which his animals graze his rangeland. We construct a renewal-theoretic model and show that, in general, this rancher's LRENC with an optimally chosen stocking rate is lower than his LRENC with an optimally chosen grazing cycle length.Livestock Production/Industries,

An Empirical Note on the Effects of Monetary Changes on the Price Level and Real Output

One of the key controversies in economic theory involves the effects of changes in the money supply on the price level and the economy\u27s output. In this respect, two major opposing views can readily be identified: the monetarist view and the income expenditure view. Monetarists regard money as an independent source of economic disturbance. In their view, the money supply is exogenously determined and changes in it exert no lasting influence on any real economic variables. Keynesians, on the other hand, assert that under the conditions of unemployment, changes in the money supply may lead to permanent changes in real variables

DOES FOOD AID REALLY DISCOURAGE FOOD PRODUCTION?

Food Security and Poverty, Production Economics,

Peripartum cardiomyopathy: Review of the literature

Peripartum cardiomyopathy (PPCM) is a rare but serious form of cardiac failure affecting women in the last months of pregnancy or early puerperium. Clinical presentation of PPCM is similar to that of systolic heart failure from any cause, and it can sometimes be complicated by a high incidence of thromboembolism. Prior to the availability of echocardiography, diagnosis was based only on clinical findings. Recently, inclusion of echocardiography has made diagnosis of PPCM easier and more accurate. Its etiopathogenesis is still poorly understood, but recent evidence supports inflammation, viral infection and autoimmunity as the leading causative hypotheses. Prompt recognition with institution of intensive treatment by a multidisciplinary team is a prerequisite for improved outcome. Conventional treatment consists of diuretics, β blockers, vasodilators, and sometimes digoxin and anticoagulants, usually in combination. In resistant cases, newer therapeutic modalities such as immunomodulation, immunoglobulin and immunosuppression may be considered. Cardiac transplantation may be necessary in patients not responding to conventional and newer therapeutic strategies. The role of the anesthesiologist is important in perioperative and intensive care management. Prognosis is highly related to reversal of ventricular dysfunction. Compared to historically higher mortality rates, recent reports describe better outcome, probably because of advances in medical care. Based on current information, future pregnancy is usually not recommended in patients who fail to recover heart function. This article aims to provide a comprehensive updated review of PPCM covering etiopathogeneses, clinical presentation and diagnosis, as well as pharmacological, perioperative and intensive care management and prognosis, while stressing areas that require further research

AN ANALYSIS OF TECHNICAL, ALLOCATIVE, AND SCALE INEFFICIENCY: THE CASE OF ECUADORIAN DAIRY FARMS

The economic efficiency of 68 Ecuadorian dairy farms is investigated by estimating technical, allocative, and scale efficiencies for each using stochastic frontier methodology. Empirical results show that technical inefficiency exists for all of these farms – ranging from 11.8% to 12.8%. Large and medium-sized farms are found to be allocatively more efficient than the small farms as a group. Finally, estimates of scale inefficiency show that most of these farms are producing output at a level below the optimum.Livestock Production/Industries, Productivity Analysis,

The curious case of Indian agriculture

This paper examines association between the cyclical component of agricultural output and rainfall in India. When the cause of food inflation is because of supply shortage driven by inadequate rainfall and poor irrigation facilities, then a contractionary monetary policy may lead to stagflation. Considering agricultural output and rainfall data from four states in India we find evidence in favor of association