An option-pricing model is developed to rank investments that might improve water quality. The model presumes that two investment options exist that have the potential to alter the stochastic drift of a pollutant. The investments have capital and operating costs and are irreversible once...

Business and financial records from 253 New York dairy farm businesses are summarized and analyzed. This analysis demonstrates the use of cash accounting and accrual adjustments to measure farm profitability, cash flow, financial performance, and costs of producing milk. Traditional methods of...