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This paper examines the consequences of using a static model of recreation trip-taking behavior when the underlying decision problem is dynamic. In particular, we examine the implications for trip forecasting and welfare estimation using a panel dataset of Lake Michigan salmon anglers for the...
Persistent link: https://www.econbiz.de/10009443574
This paper examines the consequences of using a static model of recreation trip-taking behavior when the underlying decision problem is dynamic. In particular, we examine the implications for trip forecasting and welfare estimation using a panel dataset of Lake Michigan salmon anglers for the...
Persistent link: https://www.econbiz.de/10005061006
The decision to adopt a potentially profitable but unfamiliar conservation technology is cast in a multi-period Bayesian framework. Specifically, dairy farmers who are both risk-averse and susceptible to peer group influence progressively learn about the true impact of adopting reduced...
Persistent link: https://www.econbiz.de/10009446604
Nutrient emissions from animal feeding operations continue to degrade water and air quality. New regulations will limit the amounts of nutrients that can be locally applied to land. In this article, a structural-dynamic model of a livestock-crop operation is calibrated with data from a...
Persistent link: https://www.econbiz.de/10005500242
This analysis extends previous work on green insurance by proposing a mechanism that offers a stronger adoption incentive and is applicable to heterogeneous populations and non-binary adoption decisions. Endogenous learning about the new technology is incorporated, and empirically calibrated...
Persistent link: https://www.econbiz.de/10005525442
We develop a stochastic-dynamic model of technology adoption that imposes fewer restrictions on behavior than do previous studies of similar decision problems. Like these previous studies, our model is forward-looking and can be used to demonstrate the additional "hurdle rate" that must be met...
Persistent link: https://www.econbiz.de/10005476936
The decision to adopt a potentially profitable but unfamiliar conservation technology is cast in a multi-period Bayesian framework. Specifically, dairy farmers who are both risk-averse and susceptible to peer group influence progressively learn about the true impact of adopting reduced...
Persistent link: https://www.econbiz.de/10005468777