Short-term contracts provide weak incentives for durable input investment if post-contract asset transfer is difficult. Our model shows that when both agents provide inputs, optimal contract length balances the weak incentives of one agent against the other's. This perspective broadens the...

This paper characterizes a set of Nash equilibria in a first-price sealed-bid auction with the right of first refusal using two bidders and asymmetric information regarding the bidders’ value distributions. The equilibria for multiple bidders and a more general value distribution are also...

Short-term contracts provide weak incentives for durable input investment if post-contract asset transfer is difficult. Our model shows that when both agents provide inputs, optimal contract length balances weak incentives of one agent against the other. This perspective broadens the existing...

Winter wheat can be managed to produce a substantial quantity of high quality fall-winter forage. Wheat producers may lease the grazing rights to livestock producers. This system generates income from both forage and grain, but results in a lower expected grain yield than wheat managed to...

Short-term contracts provide weak incentives for durable input investment if post-contract asset transfer is difficult. Our model shows that when both agents provide inputs, optimal contract length balances weak incentives of one agent against the other. This perspective broadens the existing...

Outreach Extension Outreach is an activity of providing services to populations who might not otherwise have access to those services. A key component of outreach is that the groups providing it are not stationary but mobile; in other words, they are meeting those in need of outreach services at...

Historically, cropland rental rates have been substantially higher than rental rates for pasture. Currently however, the gap between selling prices of cropland and pasture in Oklahoma has shrunk in western Oklahoma and pasture now sells for more than cropland in eastern Oklahoma. Regression...

This paper analyzed the financial ramifications of differences in seasonal input requirements of cowcalf operations by comparing a defined 90-day calving season to year-round calving. Assuming the same calving rate and labor requirements for both production systems, as well as no premiums for...

The drought of 2011 forced many cow-calf producers in the U.S. Southern Plains to liquidate cow herds. Rebuilding cow herds poses financial challenges for many, perhaps most, producers. While liquidation strategies varied between individuals, producers who completely liquidated breeding herds...