Agricultural commodities are typically produced over an extensive spatial area and are costly to transport relative to their total value. These characteristics yield a complex set of spatial price linkages which are often studied to gain insights into the performance of markets. An extensive...

Monitoring is an important and costly activity in resource management problems such as containing invasive species, protecting endangered species, preventing soil erosion, and regulating contracts for environmental services. Recent studies have viewed optimal monitoring as a Partially Observable...

Structural uncertainty arises when key features of the behavior of a system are not well understood. Observational uncertainty arises when key variables in a system are not directly observed. Both types of uncertainty lead to problems for standard dynamic optimization approaches. The replacement...

We use a regulatory model with resistance evolution in two pests to insecticidal Bt cotton and pyrethroids (a conventional insecticide) to examine non-Bt cotton (refuge) planting requirements designed to manage Bt-resistance evolution in the midsouth. Our analysis suggests that reduced refuge...

Existing tests of spatial market integration are commonly based on statistical criteria without an explicit link to an economic model of price determination. This article proposes new measures of market integration defined directly in terms of a well-known spatial price determination model and...

A recently proposed explanation for futures price backwardation is examined. An equilibrium model with spatial heterogeneity leads to the interpretation of backwardations as mismeasurement by the analyst. However, the model predicts that backwardations are more affected by the location of stocks...

When post-harvest marketing strategies are restricted by disallowing speculative purchases, sales out of storage becomes an irreversible decision and the dynamic marketing problem becomes analogous to the optimal exercise of a financial option. The optimal marketing strategy is to hold at low...

Agricultural commodities are typically produced over an extensive spatial area and are costly to transport relative to their total value. These characteristics yield a complex set of spatial price linkages which are often studied to gain insights into the performance of markets. An extensive...