T.W. Schultz (1975) proposed that returns to human capital were highest in economicenvironments where technology, price or production shocks were common and managerial skillsto adapt resource allocations to those shocks were most in need. We hypothesize that variationin returns to human capital...

The objective of this paper is to develop an optimal incentive system for multitaskingscientists in universities or professors under repeat contracting. With the aid of a principalagentmodel under repeat contracting, we show that (i) when a second task is assigned to aprofessor and the two tasks...

The objective of this paper is to identify the impact of public and private agriculturalresearch on multi-output multi-input profit maximizing decisions of Midwestern farmers. The mainhypothesis is that investments in public and private R&D shift outward the supply curves for cropand livestock...

The chapter focuses on household production theory and models for non-agriculturalhouseholds, largely in developed countries. The objectives of the paper are: (1) to presentseveral types of microeconomic models of household decision making and highlight theirimplications for empirical food...

We examine strategic self-ignorance—the use of ignorance as an excuse to over-indulge in pleasurable activities that may be harmful to one's future self. Our model shows that guilt aversion provides a behavioral rationale for present-biased agents to avoid information about negative future...

Are people strategically ignorant of the negative externalities their activities cause the environment? Herein we examine if people avoid costless information on those externalities and use ignorance as an excuse to reduce pro-environmental behavior. We develop a theoretical framework in which...