We show that the joint liability lending contracts derived in Ghatak (2000) violate an ex post incentive-compatibility constraint which says the amount of joint liability cannot exceed the amount of individual liability. We derive and characterize optimal separating joint liability contracts...

Year round grazing systems that utilize stockpiled forage and/or crop residue are oftenpromoted as a way for Northern and Western cow-calf producers to reduce winterfeeding costs and improve overall profitability. This study compared the profitability of aconventional spring calving/summer...