Due to increasing water scarcity, accelerating industrialization and urbanization, efficiency of irrigation water use in Northern China needs urgent improvement. Based on a sample of 347 wheat growers in the Guanzhong Plain, this paper simultaneously estimates a production function, and its...

type="main" xml:lang="es" <title type="main">Resumen</title> <p>Este artículo examina la eficacia de la reforma de 1998 de la gestión del riego en la llanura de Guanzhong (Shaanxi, China), a escala de finca agrícola y de canal de riego. Se aplica un análisis de frontera estocástica para calcular la eficiencia del uso...</p>

Are individuals expected utility maximizers? This question represents much more than academic curiosity. In a normative sense, at stake are the fundamental underpinnings of the bulk of the last half-century's models of choice under uncertainty. From a positive perspective, the ubiquitous use of...

An important class of investment decisions is characterized by unrecoverable sunk costs, resolution of uncertainty through time, and the ability to invest in the future as an alternative to investing today. The options model provides guidance in such settings, including an investment decision...