Simulated Analysis of Drought's Impact on Different Cow-Calf Production Systems

Five representative firm level stochastic simulation models were constructed using historical production cost, cattle prices, weather information and scientifically collected production data from the Gundmendson Sandhills Laboratory operated by University of Nebraska. The five hundred iterative results indicate inclusion of crop residual grazing as a viable drought mitigation tool.Drought Mitigation, Firm Level, Residual Grazing, Simulation, Stochastic, Livestock Production/Industries,

Measuring the Efficiency Cost of Taxing Risky Capital Income

In this paper, we derive a measure of the efficiency cost of taxing risky capital income in an infinite horizon stochastic model. The resulting measure differs from all those that have been proposed in the existing literature. It can be represented by the expression -sigma(s) T(s)c(deltaX(s)), where T(s) measures the present value of the taxes that would be paid on a unit of investment in a riskless project with the same expected depreciation rate and tax treatment as capital invested in period s, X(s), while c(X(s)) represents the certainty equivalent to the representative individual of the lottery where measures the ex post change in investment in period s due to the tax change. The paper then compares this measure with others that have appeared in the literature. We were unable to find support for the argument in Bulow-Suinmers(1984) that the efficiency cost of taxing risky capital income is much larger than that implied by the measure -sigma(s)T(s)E(deltaX(s)). In fact, we show in special cases that our measure implies a smaller efficiency cost than does the measure -sigma(s)T(s)E(deltaX(s)).

RISK RESEARCH AND PUBLIC OUTREACH: A TALE OF TWO CULTURES?

Agricultural economists have been challenged in recent years, by voices inside and outside the profession, to evaluate the integrity of the operational bridge between research and extension activities in the land grant system. This essay investigates links between the work of risk researchers and outreach programs. Survey results indicate that (a) a significant number of risk researchers are involved in extension activities; (b) extension economists are less frequently involved in risk research than their colleagues with no extension appointment; (c) full-time extension economists use less sophisticated risk tools in their outreach efforts than used in their research; and (d) all respondents, regardless of appointment, see a need for more applied risk analysis. Major challenges include a lack of financial support to close the data gap and to conduct relevant applied analysis present major communication challenges.Teaching/Communication/Extension/Profession,

Tax Structure and Government Behavior: Implications for Tax Policy

Changes in tax policy can affect all aspects of the economy. Not only do firms and individuals change behavior, creating efficiency costs, but government expenditure choices can also change. Unless these expenditure choices had been optimal' previously, changes in response to a tax reform affect welfare and should be taken into account when designing tax policy. This paper develops a specific model of government behavior and then explores the implications of government, as well as private, behavioral responses for tax policy. In particular, we assume that government officials favor expenditure (or regulatory) choices that increase the government's budget. As a result, higher tax rates on a particular activity encourage government behavior that aids the growth of this activity. This response enables tax policy to redirect government activity in desirable directions, but it also makes Pigovian taxes on negative externalities less effective.

The County Bench and Crime in Sussex 1775-1820

This thesis is based primarily upon the records of the Sussex Court of Quarter Sessions and more especially upon the gaol calendars contained in the Quarter Session Order Books. Themes are pursued within the framework of the judicial business of the Court. The introduction considers the nature and limitations of the documentary material available to the student of eighteenth century crime* The first chapter presents an analysis of the workings of the Sussex Court of Quarter Sessions and considers both the judicial and administrative functions of the Court. The second chapter is concerned with theft and seeks to cant some li^t on the relationship between larceny and rural depression, particularly in the aftermath of the French Revolutionary and Napoleonic Wars. In the third chapter the impact of hi^ grain prices, particularly during the 1790s, is considered, and attention is drawn to the ways in which the gentry handled the disaffection generated as a result of dearth. The game laws provide the basis of chapter four and the impact of game legislation within the County is considered. Attention here focuses upon the summary proceedings of the justices acting out of sessions since most game law offenders were brought up before the individual magistrate. The various offences ^lich fell under the general heading of misdemeanour are examined in the fifth chapter. Since assault and vagrancy were at the forefront of the list of misdemeanours frequently presented to the justices in Quarter Sessions these two areas form the basis of this chapter. Finally, in chapter six, the measures used by the justices to punish offenders are considered. The various developments that took place within the County's gaols and houses of correction are at the forefront of this section of the thesis