A THEORETICAL FRAMEWORK FOR EVALUATING SOCIAL WELFARE EFFECTS OF NEW AGRICULTURAL TECHNOLOGY

Research and Development/Tech Change/Emerging Technologies,

Biofuels: Political/Economic Boondoggle or Energy Salvation for Western States?

Nearly all western states lack comparative advantages for producing corn for ethanol and oilseeds for biodiesel. Despite this disadvantage, most western states have legislated incentives for production of biofuels. Unfavorable changes in price relationships, high transportation costs for imported feedstocks, and tight credit markets in 2008 and 2009 led to bankruptcies and plant closures at a disproportionate rate in the western biofuel industry. Policy makers in western states are advised to fund research and development for bioenergy and biofuel feedstocks in which they have a comparative advantage. These include forestry by-products, food processing and crop residues, and livestock wastes.biodiesel, bioenergy research, biofuels, biofuel bankruptcies, biofuel feedstocks, biofuel incentives, corn ethanol, western United States, Resource /Energy Economics and Policy,

AN OPERATIONAL APPROACH FOR EVALUATING INVESTMENT RISK: AN APPLICATION TO THE NO-TILL TRANSITION

Roy’s safety-first rule is used to provide measures popular with farmers of short and long term business risk associated with various no-till transition strategies over an investment horizon. The short run rule provided more sensitivity to inter-year financial risk than other commonly used criteria. Results revealed that speed of adoption influenced the probability of successful transition more than did the sequence of drill acquisition methods. Higher equity and larger farms had a greater chance of transition success. Slow acreage expansion with a custom or rental drill reduces risk until a no-till yield penalty is eliminated.Investment risk, Monte Carlo simulation, no-till, rent- purchase, risk, safety-first, technology adoption, transition strategy

ENVIRONMENTAL AND ECONOMIC IMPACTS OF AGRICULTURAL POLICY REFORM: AN INTERREGIONAL COMPARISON

Mathematical programming results revealed that moving toward more flexible agricultural policies would generate substantial economic and environmental gains in a North Carolina diversified cropping region. But in a Washington-Idaho dryland grains region, only the use of relatively new and sometimes problematic alternative cropping systems permitted environmental and economic gains under policy reform. In both regions, a recoupling policy, which links government payments to resource-conserving farming practices, was needed to protect environmental quality when market prices for program crops were high.Agrichemical leaching, Agricultural policy, Alternative agriculture, Erosion, Mathematical programming, Agricultural and Food Policy,

THE INFLUENCE OF TECHNOLOGICAL PROGRESS ON THE LONG RUN FARM LEVEL ECONOMICS OF SOIL CONSERVATION

The complementary interaction between topsoil depth and technical progress for winter wheat in the Palouse region was found to strengthen the long run payoff to conservation tillage. Nonetheless, conservation tillage was found to be competitive with conventional tillage only if its current yield disadvantages were eliminated. Conservation tillage was relatively more competitive on shallower topsoils and for longer planning horizons. Short-term subsidies coupled with research directed towards reducing the cost and yield disadvantages of conservation tillage in the Palouse were advocated to maintain long-term soil productivity.Land Economics/Use, Research and Development/Tech Change/Emerging Technologies,

Global Financial Regulatory Reforms:Implications for Developing Asia

The objective of global regulatory reform is to build a resilient global financial system that can withstand shocks and dampen, rather than amplify, their effects on the real economy. Lessons drawn from the recent crisis have led to specific reform proposals with concrete implementation plans at the international level. Yet, these proposals have raised concerns of relevance to Asia’s developing economies and hence require further attention at the regional level. We argue that global financial reform should allow for the enormous development challenges faced by developing countries—while ensuring that domestic financial regulatory systems keep abreast of global standards. This implies global reforms should be complemented and augmented by national and regional reforms, taking into account the very different characteristics of emerging economies’ financial systems from advanced economies. Key areas of development focus should be (i) balancing regulation and innovation, (ii) establishing national and cross-border crisis management and resolution mechanisms, (iii) preparing a comprehensive framework and contingency plan for financial institution failure, including consumer protection measures such as deposit insurance, (iv) supporting growth and development with particular attention to the region’s financial needs for infrastructure and for SMEs, and (v) reforming the international and regional financial architecture.financial regulatory reform; global financial architecture; G-20; Asia; national and regional reform

AN OPERATIONAL APPROACH FOR EVALUATING INVESTMENT RISK: AN APPLICATION TO THE NO-TILL TRANSITION

This study analyses short and long term safety first business risk associated with twenty six no-till transition strategies across four types of farms in eastern Washington. Risk of transition failure generated from risk averse criteria are also contrasted with a risk neutral criterion. Results revealed (1) that speeds of adoption have a larger effect than drill acquisition sequences in successful transition, (2) high equity farm have higher chance of success, and (3) slow acreage expansion with a custom or rental drill is preferred until yield penalty is eliminated.Farm Management, Risk and Uncertainty,

An Investment Analysis Approach to Examining Bio-Control of Invasive Weeds

Invasive weeds are a large problem on large tracts of rangeland in North America. Biological methods of control have been instituted, but many information gaps remain. An investment model approach is used to demonstrate some of the potentially key pieces of biological data that are required for an analysis. This model is applied to the control of leafy spurge on rangeland. The results of control are very dependent on the rate of spread and control by the biological control agent, the initial density of the weed, and the recovery of the forage (grass) after the weed has been controlled. Benefits of control are relatively low, as is the cost of the biological control practice. It takes several years before net benefits of the control practice are positive.Land Economics/Use,

EVALUATING A PRECISION AGRICULTURE HERBICIDE DECISION MODEL FOR WINTER WHEAT

Replaced with revised version of paper 08/02.Crop Production/Industries,